USD/JPY has stalled on the downside, with 103.54 as the low, recovering to meet the 4hr 20 sma that continues to be a resistance since 110.55 downside. USD/JPY dropped last week in a risk-off environment that started to correct by the end of the week on broad dollar weakness, despite the better risk tone in the market. There were some bullish comments from Kuroda last night that also gave the Yen bulls the green light, commenting on inflation being on target while otherwise, the price was bid in a 50 pip range that has since started to head a little lower, testing 104.20. The key events will be BoJ minutes, Yellen and Brexit on the 23rd all of which pose significant risks to the major.USD/JPY levelsUSD/JPY has broken lower and is en-route for the 102.09 55 month ma. Analysts at Commerzbank suggested that it has introduced potential for 100.70, the 50% retracement of the move 2011 to 2015. "Caution is warranted we note the 13 count on the daily chart. Our suspicion is that very near term that we will see a bounce. Initial resistance lies 105.55 the previous low and then 106.00/106.10, in order to alleviate immediate downside pressure a close above 107.90 is needed."