Yesterday, the USD/JPY currency pair tested the 100-hour moving average near 104.80. During Tuesday morning, the pair continued to test the given moving average.

If the predetermined resistance holds, it is likely that some downside potential could prevail in the market. In this case the exchange rate could gain support from the monthly S2 at 104.08.

Meanwhile, note that the rate could gain support from the 55-hour SMA near 104.50. Thus, the pair could trade sideways between the given support and the resistance level formed by the weekly PP, the monthly S1 and the Fibo 23.60% at 105.00.

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