During Monday morning hours, the USD/JPY currency pair pierced the weekly S1 at 103.76.
From the one hand, it is likely that the exchange rate could continue to trade downwards in the short term. Note that the nearest support level—the weekly S2, is located at 103.41.
From the other hand, the rate could reverse north in the nearest future. Note that the pair could face the resistance formed by the 55-, 100– and 200-hour moving averages, as well the weekly PP in the 104.15 area.
