On Monday, the USD/JPY currency pair failed to exceed the psychological level at 103.20.
It is likely that the exchange rate could remain under pressure of the 55– and 100-hour moving averages in the 103.10/103.20 range. Thus, the rate could tumble to the weekly S2 at 102.45.
In the meantime, it is unlikely that bulls could prevail in the market in the short term, and the currency pair could exceed the resistance provided by the weekly PP and the 200-hour SMA near 103.40.
