The USD/JPY currency pair has tumbled to the 105.45 level.
Given that the exchange rate is pressured by the 200-hour SMA and the weekly PP near 105.96, it is likely that some downside potential could prevail in the market. In this case the rate could target the support formed by the weekly S1 and the monthly PP in the 105.30 area.
In the meantime, it is unlikely that bulls could prevail in the market, and the currency pair could exceed the resistance formed by the 55– and 100-hour SMAs in the 105.80 area.
