During Thursday morning hours, the USD/JPY currency pair pierced the support level formed by the weekly and monthly S1s at 104.13.
Given that the exchange rate is pressured by the 55-hour moving average near 104.40, it is likely that some downside potential could prevail in the market. The rate could target the weekly S2 at 103.54.
On the other hand, the currency pair could reverse north from the 104.00 mark. In this case the pair could try to surpass the 100-hour moving average near 104.60 in the short run.
