On Thursday, the USD/JPY currency pair declined to the 104.60 level. During today’s morning, the pair declined below the given level.

Given that the exchange rate is pressured by the 55-hour moving average near 104.90, 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.

In the meantime, it is unlikely that bulls could prevail in the market, and the rate could exceed the weekly S2 at 105.52 within the following trading session.

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