USDJPY could start a new leg to the upside

Downside risks remain. Below 105.5, 104 will be the next clean target. BoJ officials talking down the Yen in early Asian session today. H4 closed in a doji with a bullish follow through.

Yellen on tap later this evening. Above 107.665, 110.968. Current levels good to build longs, but watch for 104 downside risk. 116.5 - 116.0 is the level to watch to the upside.

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(Update: 08/06/2016): USDJPY remains in a limbo Yellen's speech did not help to lift the dollar much and prices remain caught within 107.665 and 106 - 105.5 support level.

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Update: (09/06/2016): USDJPY continues to slide with 106.00 now inevitable. This would mark a retest to 29th April bearish close. Mind the support near 105.5 - 106.0.

Looking for a daily or H4 reversal near 105.50 - 106.0 to take a position ahead of th FOMC and BOJ meetings next week, for a target to 116.0