USD/JPY Price Analysis: Struggles to cheer immediate resistance breakout above 103.00

• USD/JPY prints mild gains despite crossing short-term resistance trend line, now support amid broad US dollar weakness.
• 200-HMA lures the bulls, bears keep March 2020 lows on radars.

USD/JPY wavers around an intraday high of 103.41, currently near 103.38, ahead of Monday’s European session. The yen pair recently crossed a downward slopping trend line from last Wednesday.

While normal RSI conditions favor the USD/JPY buyers, broad US dollar weakness guards the pair’s immediate upside.

Even so, a gradual recovery towards Friday’s top near 103.70 can’t be ruled out while 200-HMA, currently around 104.25, can lure the bulls afterward.

Should the US dollar witnesses a corrective recovery and propels the quote beyond 104.25, the 105.00 round-figure and the monthly high near 105.35 will be the key to watch.

Alternatively, Friday low near 103.15 limits the pair’s short-term declines ahead of dragging it to the 103.00 threshold.

If at all the USD/JPY bears dominate past-103.00, lows marked during the early March, around 102.70 and 101.20 will be in the spotlight.

USD/JPY hourly chart

Trend: Further recovery expected