On Tuesday, the USD/JPY currency pair touched the 104.75 mark.
It is likely that some upside potential could prevail in the market due to the support area formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 104.10/104.35 range.
In the meantime, note that the exchange rate could face the resistance level—the weekly R1 at 104.80. If the given level holds, the rate could reverse south within the following trading session.
