Jewelers mod can spawn on Monarchs with ilvl 55+ and Deflecting needs ilvl 11.
So yes, but since rerolling takes time.. ALOT of time. I wouldnt reroll such a high ilvl Monarch.
I'd find a lower one with 55-59 ilvl. Since there are higher ilvl mods that are useless to you, that can be outruled with a lower ilvl shield..