Yesterday, the USD/JPY currency pair tumbled to the 104.40 level. During Thursday morning, the pair was trading at 104.75.
It is likely that the exchange rate could gain support from the weekly S2 at 104.62 and trade upwards in the short term. Meanwhile, it is unlikely that the rate could exceed the 55-, 100– and 200-hour SMAs in the 105.30 area.
On the other hand, the currency pair could trade sideways between the predetermined support level, as well the resistance level formed by the weekly S1 and the Fibo 23.60% at 105.03.
