USD/JPY Trades Near 103.60

On Thursday, the USD/JPY currency pair reversed north from the support level—the weekly S3 at 103.00.

From the one hand, it is likely that the exchange rate could remain under pressure of the 100-hour SMA near 103.60. Thus, the rate could re-test the predetermined support in the nearest future.

From the other hand, the currency pair could gain support from the 55-hour SMA and the weekly PP and try to reach the resistance level formed by the weekly PP located at the 104.17 mark.