On Monday, the USD/JPY currency pair reversed south from the Fibo 23.60% at 105.03. During today’s morning, the pair declined below 104.40.
It is likely that the exchange rate could decline in the nearest future as it is pressured by the 55– and 200-hour SMAs, as well the weekly PP near 104.60. In this case the rate could decline below the 104.00 mark.
In the meantime, it is unlikely that bulls could prevail in the market in the short term, and the currency pair could exceed the given Fibonacci retracement.