Last of the month end flows or traders playing catch up?
I don't like month end at the best of times as things can get a little screwy. Citi pumped modest USD selling around the fix and while USDJPY has fallen, it looks more like a yen move than USD. Cable and the euro are also dropping while USDCHF and USDCAD takes off. US stocks aren't helping as they roll over.
USDJPY has had old S&R around 110.65/70 so look for it to play a part now.
USDJPY daily chart
If we are seeing something substantial then a break of this level could tip the pair swiftly down to 110.30 or worse. 111.00 is where resistance will build.
