The USD/JPY currency pair remains to trade below the psychological level at 104.00.
Given that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs in the 103.80 area, it is likely that some downside potential could prevail in the market.
Note that the rate could face the support level—the weekly S1 at 103.47. If the given support holds, a reversal north could occur. Otherwise, the pair could target the 103.20/103.40 area.
