Yesterday, the USD/JPY currency pair declined to the 103.50 level. During Thursday morning, the pair was trading near the given level.
Note that the exchange rate faced the resistance formed by the weekly S1, the monthly S2, as well the 55– and 100-hour SMAs in the 104.05/104.50 area. Thus, a reversal south could occur.
Note that the currency pair could gains support from the weekly S1 at 102.74. If the given support holds, it is likely that the pair could consolidate. Otherwise, the rate could target the monthly S3 at 101.61.
