

USDJPY is facing downward pressure because of the weak dollar. If the price continues to stay below 103.65, the lower line of the bullish wedge pattern, 102.55 might be targeted.
For upside moves, 103.65, 104.07 (21-day moving average) and 104.77 (upper line of the wedge) can be followed as possible resistance levels. BOJ decisions this week and US Congress’s stimulus package negotiations may become key for the future direction of USDJPY.