On Monday, the USD/JPY currency pair traded in the 103.95/104.30 range.
It is likely that the exchange rate could trade downwards in the short term due to the resistance area formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 104.05/104.21 range. The rate could target the weekly S1 at 103.67.
However, if the predetermined resistance area does not hold, the currency pair could target the 104.40/104.60 range within the following trading session.
