On Thursday, the USD/JPY dropped to the support provided by the 200-hour moving average near 103.65.
If the predetermined support holds, it is likely that the exchange rate could trade upwards in the short term. A possible upside target is the 104.00/104.20 area.
Meanwhile, note that the currency pair could face the resistance area formed by the 55– and 100-hour moving averages in the 103.85/103.95 area. If the given area holds, the pair could consolidate in the short run.
