- USD/JPY is retracing slightly from the May’s highs.
- The level to beat for bulls is the 107.75 resistance.
USD/JPY four-hour chart
USD/JPY is trading off the May’s highs above the 100 and 200 SMAs on the four-hour chart. Bulls want a continuation up of the movement started earlier in the month, possibly eyeing a break above the 107.75 resistance en route towards the 108.00 figure. However, a daily close below the 107.40 could be seen as negative for USD/JPY with bears then looking at the 107.00 figure level.
Additional key levels
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