Yesterday, the USD/JPY currency pair declined to the support formed by the weekly S1 and the monthly PP in the 105.30 area. During Tuesday morning, the pair reversed north.
It is likely that some downside potential could prevail in the market, as the exchange rate is pressured by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 105.55/105.75 area.
In the meantime, if the predetermined support holds, the US Dollar could trade sideways against the Japanese Yen within the following trading session.
