USD/JPY Trades Below 103.50

Yesterday, the USD/JPY currency pair declined below the weekly S2 located at the 103.56 mark.

It is likely that some downside potential could prevail in the market in the short term. In this case the exchange rate could target the psychological level at 102.50.

Meanwhile, note that the currency pair could gain support from the weekly S3 at 103.10. Thus, a reversal south could occur, and the pair could try to exceed the weekly S1 at 104.13.