Yesterday, the USD/JPY currency pair tumbled to the psychological level at 104.20.
Given that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs, as well the weekly PP circa 104.60, it is likely that some downside potential could prevail in the market. The rate could decline below the psychological level at 104.00.
In the meantime, the currency pair could gain support from the weekly S1 at 104.13. Therefore, a reversal north could occur, and the pair could re-test the predetermined resistance.
