During today’s morning, the USD/JPY currency pair dropped below weekly S2 at 103.41.
From the one hand, it is likely that the exchange rate could gain support from the weekly S3 at 103.00 and reverse north in the short term. In this case the rate could re-test the weekly S1 at 103.76.
From the other hand, it is likely that the currency pair could remain under pressure by the 55-, 100– and 200-hour moving averages in the 103.60/104. area. Thus, bears could continue to prevail in the market.
