Since Friday, the USD/JPY currency pair has been trading upwards.
It is likely that the exchange rate could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 104.10/104.20 range. Thus, some upside potential could prevail in the market in the short term.
However, if the predetermined support area does not hold, some downside potential could prevail in the market. In this case the currency pair could decline to the support level—the weekly S1 at 103.67.
