Yesterday, the USD/JPY currency pair dropped to the 106.00 level. During Friday morning, the pair declined below 105.50.
It is likely that the exchange rate could gain support from the weekly S2 at 104.92 and reverse north in the short term. In this case it is unlikely that the rate could exceed the weekly S1 at 106.50.
However, if the given support level does not hold, the US Dollar could continue to depreciate against the Japanese Yen. In this case the currency pair could renew the 2019 low at 104.67.
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