USD/JPY: bulls supported on 103.20 and Yen consolidates

USD/JPY is currently trading at 103.39 with a high of 104.11 and a low of 103.15.

USD/JPY is flat on the 103 handle after last week's nonfarm payrolls disappointment and poor manufacturing results in the US economy. However, the yen is weak in its own right in respect to the BoJ in play this month and the dollar remains bid on the back of speculation that the Fed remain hawkish, despite poor data, and the BoJ could continue to cut rates into deeper negative territory. The BOJ will have its economic policy meeting next September 21st, while the US Federal Reserve will meet on September 16-17th. 

USD/JPY levels

Current price is 103.39, with resistance ahead at 103.45 (Hourly 20 EMA), 103.72 (Daily Classic PP), 104.02 (Monthly High), 104.02 (Weekly High) and 104.10 (Daily Open). Next support to the downside can be found at 103.37 (Hourly 100 SMA), 103.37 (Weekly Classic PP), 103.15 (Daily Low), 103.10 (Daily Classic S1) and 102.80 (Yesterday's Low). Looking at price patterns, we can see a Piercing Line 4-hour candlestick formation.