On Wednesday, the USD/JPY currency pair declined to the 104.80 level.
Given that the exchange rate is pressured by the 55-hour moving average near 105.30, it is likely that some downside potential could prevail in the market. Note that the nearest support level—the monthly S2, is located at 104.08.
Meanwhile, it is unlikely that bulls could prevail in the market in the nearest future, and the currency pair could exceed the weekly S2 located at the 105.52 mark.
