On Friday, the USD/JPY currency pair touched the 104.30 level. During today’s morning, the pair was testing the monthly S2 at 104.08.
Given that the exchange rate remains under pressure of the 55– and 100-hour SMAs in the 104.60/104.90 area, it is likely that some downside potential could prevail. Note that the rate could gain support from the weekly S1 at 103.84.
However, if the given support level holds, it is likely that the US Dollar could trade sideways against the Japanese Yen within the following trading session.
