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Since Monday, the USD/JPY currency pair has been testing the resistance formed by the 100– and 200-hour SMAs, as well the weekly PP in the 104.15 area.

If the predetermined resistance holds, it is likely that the exchange rate could trade downwards in the short term. Note that the rate could gain support from the weekly S1 at 103.76.

If the given support level holds, a reversal north could follow. Otherwise, the currency pair could go below the psychological level at 103.60.