On Thursday, the USD/JPY currency pair dropped to the 103.80 level. During today’s morning, the pair reversed north.

It is likely that the exchange rate could face the resistance formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 104.20 area. Thus, a reversal south could occur, and the rate could decline to the weekly S1 at 103.65.

However, if the predetermined resistance does not hold, the currency pair could continue to trade upwards in the nearest future. In this case the pair could target the weekly R1 at 104.72.