USD/JPY is being capped by its September high at 104.32, a rise above which will target the May low at 105.55. Moving down should find support between the 102.79 September 21 high and the 55 day moving average at 101.92. Longer term we suspect that the market is basing and target the 107.49 July high and the 200 day ma at 108.22 at this stage.