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Yesterday, the USD/JPY currency pair breached the symmetrical triangle pattern south.

Given that the exchange rate is pressured by the 55-, 100– and 200-hour moving averages in the 103.80 area, it is likely that some downside potential could continue to prevail in the market. Note that the nearest support level—the weekly S2, is located at 103.06.

In the meantime, it is unlikely that bulls could prevail in the market in the nearest future, and the currency pair could exceed the weekly PP located at the 103.94 mark.

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