The bloodbath from Brexit meant strength for the yen. USD/JPY for example is correlated with risk. With risk-aversion following last Thursday's vote, USD/JPY fell sharply. USD/JPY Daily Chart 6/27(click to enlarge)Whiplash: The daily chart shows a pair that is already bearish. Just ahead of the vote, the market was optimistic about a "remain" result, which would have been good for risk sentiment. Instead, the Brexit camp won, and USD/JPY tumbled from above 106.50 to below 100. At this point, if there is a pullback, we should look for selling in the 103.50-104 area, which is the bottom of the previous consolidation. USD/JPY Weekly Chart 6/27(click to enlarge)The momentum and the current risk sentiment suggests there should be further decline in USD/JPY. The 100 handle might not hold. However, it is indeed an important pivot. We can see that it was a key support/resistance pivot in 2013-2014. So while 100 might not provide the support as it did in 2014, we should consider it a "sticky" level. If price falls below 100, we can start looking for price action that suggests support. Basically, I would only sell on a rally to 104 with a target back towards 100, or look for price to stabilize under 100, and buy with limited bullish outlook ie. to 103.50.