USD/JPY has traded in the 104-105 range for most of 2014 and the pair is close to the mid-point with little incentive to move at the moment.
Bids at 104.20 (minor) and the Asian low of 103.97 with serious bids in the 103.87-103.78, which is a series of four lows since mid-December. Below that, there are bids at 103.50.
Offers are near the session high of 104.57 with buy stops above 104.75 running into offers at 104.80. Larger offers are in place at 1005.00 with buy stops above continuing through 105.15.
