During today’s morning hours, the USD/JPY currency pair has been testing the 100-hour SMA near 103.70.
If the predetermined resistance holds, it is likely that some downside potential could prevail in the market. In this case the exchange rate could target the psychological level at 103.30.
In the meantime, note that the currency pair could gain support from the 55-hour moving average near 103.60. Thus, some upside potential could prevail in the market, and the pair could try to exceed the weekly PP at 103.94.
