The pair has got itself jammed between the broken 1998 resistance line at 104.90 and the 2014 channel top at 105.21

USD/JPY Daily chart 03 09 2014

USD/JPY Daily chart 03 09 2014

Support is coming in at 104.85 and the next level to note is 104.76

USD/JPY M15 chart 03 09 2014

USD/JPY M15 chart 03 09 2014

AS you can see from the 15 minute chart a break of 104.76 could mean a quick trip down to 104.36 but it’s likely that the dip buying mob will be in to soak up any decent falls meaning any trips down will be short lived. It would take a break of 104 to really shake out some shorter term players.