USD/JPY bounces back above 103.00 handle

The USD/JPY pair has managed to bounce-off sub-103.00 level touched in the aftermath of disappointing US monthly jobs report.

Currently trading around 103.15-20 area, the pair was seen struggling to extend the ongoing recovery trend beyond 104.00 handle. Subsequently, the pair snapped eight consecutive sessions of descent gains as disappointing NFP data provided traders an excuse to trim their bullish bets and take some profits off the table following the pair's relentless up-move of around 400-pips from last week's low near 100.00 psychological mark. 

Nevertheless, the pair is still headed for the second consecutive week of advances and seems all set for the highest weekly close in five-weeks.

Later during US trading session, speeches from Federal Reserve Governor Stanley Fischer and Federal Reserve Bank of Cleveland President Loretta Mester would be scrutinized to evaluate possibilities and the timing of an eventual Fed rate-hike decision.

Technical outlook

Valeria Bednarik, Chief Analyst at FXStreet, notes, "the 1 hour chart, technical indicators head south within bearish territory, although the 100 SMA keeps heading higher around 103.00, providing an immediate short term support. In the 4 hours chart, technical indicators head sharply lower from overbought readings but remain within positive territory, while the price is well above its 100 and 200 SMAs, both in the 101.60/90 region."

"Support levels: 103.00 102.60 102.20
Resistance levels: 103.95 104.30 104.70"