On Tuesday, the USD/JPY currency pair declined to the Fibo 23.60% at 105.03. During today’s morning, the pair pierced the given support.
Given that the exchange rate is pressured by the 55-hour moving average near 105.30, it is likely that some downside potential could prevail in the market.
Meanwhile, note that the rate could gain support from the weekly S2 at 104.59. If the given level holds, it is likely that a reversal north could occur. Otherwise, the pair could decline to the monthly S2 at 104.18.
