• Renewed optimism seen in the markets after latest Brexit polls conducted during the weekend showed increased support for Bremain.
   
• USD/JPY opened with a bullish gap up but struggles to extend above near-term resistance at 104.80.
   
• Data released earlier today showed Japan's May trade balance came in at a deficit of 40.7bn yen vs Y 70bn expected and Y823.2bn prior. Exports showed the fastest fall since Jan 2016 of -11.3% y/y. 
   
• Eisuke Sakakibara, former Vice Finance Minister is crossing the wires via Bloomberg, noting that the yen is gradually appreciating to 100 and if it breaks 100, intervention is possible.
   
• Janet Yellen will testify before the Congress, but market sentiment likely to be driven by EU referendum to be held on June 23rd. We also have US durable goods data on Friday which could influence the pair.
   
• On the charts, USD/JPY is trading a narrow range, with immediate resistance at 104.84 (session highs) ahead of 105 (trendline).
   
• On the downside support is seen at 104.38 (4H 5&10 SMA), and further below at 104.12 (trendline).
• Intraday bias is neutral, we would remain on the sidelines for now. Break above 105 could see upside till106 levels.