During today’s morning hours, the USD/JPY currency pair declined below the weekly S1 at 102.88.
Given that the exchange rate is pressured by the 55-hour SMA near 103.15, it is likely that bears could continue to prevail in the market in the short term. Note that the rate could gain support from the weekly S2 at 102.45.
In the meantime, it is unlikely that bulls could prevail in the market, and the currency pair could exceed the resistance formed by the 100– and 200-hour SMAs, as well the weekly PP in the 103.40 area.
