USD/JPY Remains Pressured By 55-And 100-Hour SMAS

Technical analysis of Forex market

On Thursday, the USD/JPY currency pair continued to trade downwards. During today’s morning, the pair tested the monthly S2 at 104.18.

Given that the exchange rate remains under pressure of the 55– and 100-hour SMAs in the 105.00 area, it is likely that some downside potential could prevail in the market.

However, if the given support holds, it is likely that the US Dollar could trade sideways against the Japanese Yen within the following trading session.

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