USD/JPY Trades at major level at 107.670

USD/JPY traded around Friday’s retracement level during opening trades in the Asian session and progressed to Friday’s highs at 107.898 but retreated around mid-day to 107.670 during the time of writing. The sharp rebound on Friday’s session at 107.194 seems to have stalled at 107.670, as indicated on the one-hour price chart below.

The medium-term trend is still in favour of the upside; however, the US dollar needs to break out at two critical levels at 107.670 and 107.935 to move on to the next stage at 108.315. The US dollar could fall to 107.424 if it fails to hold above 107.670

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