Yesterday, the USD/JPY currency pair declined to the psychological level at 104.00.
It is likely that some downside potential could prevail in the market, as the exchange rate is pressured by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 104.20 area.
In the meantime, if the predetermined resistance does not hold, the exchange rate could target the psychological level at 104.60 within the following trading session.
