On our analysis on the 04.06 when USDJPY was at the Fibonnaci support level at 107.894 we advised that we would start to build a long position. The currency pair has since gone up towards 108.8 last week and consolidated at around 108.6 on the back of stronger than expected retail sales last Friday. The markets are rather subdued ahead of the FOMC meeting on Wednesday therefore we will wait for the outcome of the FED rate decision and Powell's speech with a view towards starting to take profit at around 109.