USD/JPY supported at 103.00

FXStreet (Edinburgh) - Poor data from the Chines trade balance over the weekend dented the risk sentiment, dragging the USD/JPY as low as the boundaries of 103.00 the figure on Monday.

USD/JPY consolidating above 103.00

Despite the initial decline, the pair managed to find decent support around 103.00 and is currently hovering over the 103.30 region. Stronger-than-expected Payrolls during February in the US economy have boosted spot to the vicinity of 103.80, although losing some momentum soon after. “Insofar as easy monetary conditions are set to remain in place in Japan longer than any other developed world central bank we continue to expect that USD/JPY will rise medium-term. We maintain our 12 mth forecast of USD/JPY112”, observed Jane Foley, Senior Currency Strategist at Rabobank.

USD/JPY key levels

The pair is now losing 0.03% at 103.28 with the immediate support at 102.61 (low Mar.10) ahead of 102.48 (Tenkan Sen) and finally 102.27 (low Mar.6). On the upside, a breakout of 103.77 (high Mar.7) would open the door to 103.97 (low Jan.22) and then 104.00 (psychological level).