Since Thursday, the USD/JPY currency pair has been depreciating gradually.
It is likely that the exchange rate could continue to trade downwards due to the resistance formed by the 55– and 100-hour moving averages near 105.20. The rate could target the weekly PP at 103.98.
In the meantime, note that the currency pair could gain support from the weekly R1 and the 200-hour SMA in the 104.65 area. Thus, the pair could trade sideways in the short run.
