The USD/JPY currency pair has tumbled to the psychological level at 104.20.
It is likely that the exchange rate could gain support from the weekly and monthly S1s at 104.13, and trade upwards in the short run. Meanwhile, it is unlikely that the rate could exceed the resistance formed by the 55– and 100-hour SMAs near 104.70.
However, if the predetermined support level holds, the currency pair could continue to trade downwards in the nearest future. In this case the pair could decline below the psychological level at 104.00.
