It is advisable to use the decline in quotes in this currency pair to open Buy positions. Firstly, deflation in Japan is increasing, which reduces the investment attractiveness of the yen.

Secondly, the Japanese composite PMI has been below 50% for more than a year, which indicates a contraction in GDP. By the end of January, the indicator dropped to a five-month minimum. On the other hand, this indicator has renewed a five-year maximum in the United States, which indicates a recovery in economic growth after the recession which was caused by the coronavirus pandemic.

Investment idea: Buy 103.47/103.30 and take profit 103.92.