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  • 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