USD/JPY is on the brink of paring lows made on the 103.54 15th June with a low made at time of writing in the Tokyo open of 103.57 so far. USD/JPY has been on the offer since late May highs at 111.44 in a risk-off environment overall, despite the better risk tone of past few sessions. The main risk event ahead is of course the EU referendum where a Brexit could well be in the cards bringing a whole lot of uncertainty to financial markets. Meanwhile, the Bank of Japan's April monetary policy board meeting minutes were released just before the open and mirrored much of Kuroda's recent comments that Japan is moving towards inflation target and that Japan's economy continuing to recover gradually. USD/JPY levelsThe price broke the 50 monthly sma at 104.31 and dropped below the 104 handle earlier with technical indicators heading lower within bearish territory. In the four hours chart, momentum is turning south with the RSI headed to oversold territory. 101.50 is the key target to the downside to August 2014 lows. To the upside, 104.80 and 106.02 recent highs offer near term resistance.