USD/JPY tests 110.00 level

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Source: Dukascopy Bank SA
On Thursday morning the USD/JPY currency exchange rate was once again testing the support of the 110.00 level. 

In general, the rate was expected to trade above the support until the resistance of the 55-hour SMA approaches the rate and pushes it through the 110.00 mark.  

On the other hand, the 55-hour SMA might get broken. In this scenario, the rate would have no resistance to surge up to the 110.70 level, where the 100 and 200-hour SMAs are located together with the 61.80% Fibonacci retracement level.
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