The USD/JPY currency pair continued to trade downwards. During Monday morning hours, the pair pierced the weekly PP at 104.53.
It is likely that some downside potential could prevail in the market, as the exchange rate remains under pressure of the 55– and 100-hour SMAs, as well the Fibo 23.60% in the 105.00 area.
In the meantime, the currency pair could gain support from the weekly PP. In this case the pair could target the psychological level at 105.50 within the following trading session.
