The USD/JPY currency pair has tumbled to the psychological level at 104.60.
It is unlikely that some upside potential could prevail in the market due to the resistance area formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP and the Fibo 23.60% in the 105.03/105.30 range.
It is likely that the exchange rate could continue to decline within the following trading session. Note that the nearest support level—the weekly S2, is located at the 104.10 level.
