The USD/JPY currency pair has tumbled below the psychological level at 105.00.
On the one hand, it is likely that some downside potential could prevail in the market. Note that the nearest support level—the weekly S2, is located at the 104.62 mark.
On the other hand, it is likely that a reversal north could occur in the nearest future. In this case the currency pair could raise to the resistance area formed by the 55-, 100– and 200-hour SMAs, as well the weekly and monthly PPs in the 105.34/105.44 range.
