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Since Thursday, the USD/JPY currency pair has been trading sideways near the 103.80 mark.

It is likely that some downside potential could prevail in the market as the exchange rate is pressured by the 55-hour moving average near 108.90. Note that the nearest support level—the weekly S1, is located at 103.39.

In the meantime, it is unlikely that bulls could prevail in the market, and the currency pair could exceed the resistance formed by the 200-hour moving average and the weekly PP near 104.60.

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