Bearish After Topping: The USD/JPY has been bearish for since mid-2015, for almost a year now. The daily chart shows the rounded top that developed throughout 2015.USD/JPY Daily Chart 7/11(click to enlarge)Brexit: The decline in USD/JPY was accelerated after the Brexit results, which brought a wave of risk-aversion. Risk aversion strengthens risk-haven currencies. Both USD and JPY (and CH) are relative safe-havens to other major currencies, but more so for the JPY. Therefore, it was no surprise to see USD/JPY plunge on the weight of risk aversion.100 is a key level: The 100 level is a psychological number. On top of that it was a previous support/resistance pivot in 2013-2014, as we can see in the weekly chart. We can also see that it is around the 50% Fibonacci retracement of the bull run from 2012 to 2015, 103.50 could provide pullback: The medium-term mode of USD/JPY is still bearish. But in the short-term, there is upside to the 103.50 level, a recent support/resistance pivot seen in the daily chart. We can also see the market pivot around this level back in 2013 and 2014. Look for a pullback when price approaches 103.50. This might provide a buy-on-a-dip scenario. Above 103.50, the next key pivot to monitor will be around 105.50. You can see the importance of 105.50 on the weekly chart.USD/JPY Weekly Chart 7/11(click to enlarge)Central bank policies suggest upside for USD/JPYFrom a fundamental standpoint, I do believe USD/JPY has more upside potential than downside. The Federal Open Market Committee (FOMC) is relatively more hawkish than the Bank of Japan (BoJ). The central bank divergence should give USD/JPY a boost unless the Fed starts to back away from any further rate hikes in 2016.