Yesterday, the USD/JPY currency pair failed to decline below the 103.60 level.
It is likely that the exchange rate could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 103.70/103.75 range. Thus, some upside potential could prevail in the market.
In the meantime, it is unlikely that bears could prevail in the market in the nearest future, and the currency pair could decline below the support level –the weekly S1 at 103.42.
