USD/JPY Could Go Downwards

On Tuesday, the USD/JPY currency pair declined below the 104.80 level.

It is unlikely that some upside potential could prevail in the market due to the resistance area formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP and the Fibo 23.60% in the 104.95/105.26 range.

It is likely that the exchange rate could continue to trade downwards within the following trading session. In this case the rate could decline to the support level formed by the weekly S2 at 104.10.