As apparent on the chart, the USD/JPY currency pair has declined below the weekly S2 at 103.41.
From the one hand, it is likely that the exchange rate could continue to trade downwards within the following trading session. The rate could target the weekly S3 located at the 103.00 mark.
In the meantime, it is unlikely that bulls could prevail in the market, and the currency pair could exceed the resistance area formed by the 55-, 100– and 200-hour SMAs, as well the weekly S1 in the 103.76/104.05 range.
