USD/JPY Pressured BY 55- And 200-Hour SMAS

Technical analysis of Forex market

Yesterday, the USD/JPY currency pair reversed south from the 103.70 level.

It is likely that exchange could trade downwards in the short term, as it could be pushed down by the 55– and 200-hour moving averages in the 103.50/103.60 range. The rate could target the 103.00 level.

Meanwhile, note that the currency pair could gain support from the 100-hour moving average near 103.40. Thus, some upside potential could prevail in the market, and the pair could exceed the 103.80 mark.