USD/JPY Price Analysis: USD/JPY has bounced off a prominent resistance zone but it might not give up just yet

USD/JPY has pushed 0.40% higher on Monday as risk sentiment improves.
107.87 has been an important zone in the past and it has been used once again.

Rajan Dhall, MSTA FX Daily

USD/JPY 4-hour chart

USD/JPY has re-established its correlation with the stock market today as the price of the pair moved higher. On Monday's session, the price met some strong selling pressure at an old resistance zone of 107.87. As you can see from the chart below the level had been used many times to good effect.

Now the price has made a higher low higher high wave there is a high probability that the level might be tested again and potentially broken. Conversely, all of this could be a retracement from the dramatic fall from 109.85 to 107.00 in an 19 day period from 5th June.

Looking at the Relative Strength Index, the signal line has just about reached the overbought zone. If the indicator can manage to hold above the 50 area traders could push higher once again after retracing slightly. The 50% Fibonacci resistance level could be a sticky point as it is very close to the 108.00 psychological level.

Additional levels

USD/JPY

Overview
Today last price	107.64
Today Daily Change	0.43
Today Daily Change %	0.40
Today daily open	107.21

Trends
Daily SMA20	107.59
Daily SMA50	107.4
Daily SMA100	107.98
Daily SMA200	108.4

Levels
Previous Daily High	107.36
Previous Daily Low	106.8
Previous Weekly High	107.45
Previous Weekly Low	106.08
Previous Monthly High	108.09
Previous Monthly Low	105.99
Daily Fibonacci 38.2%	107.14
Daily Fibonacci 61.8%	107.01
Daily Pivot Point S1	106.89
Daily Pivot Point S2	106.56
Daily Pivot Point S3	106.33
Daily Pivot Point R1	107.45
Daily Pivot Point R2	107.68
Daily Pivot Point R3	108.01

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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