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The USD/JPY pair had a negative session on Tuesday, which of course should have been much of surprise. After all, we were towards the top of the consolidation range, and it doesn't look like there is a catalyst readily available to move this pair in any one particular direction. We think the consolidation will be the norm for this pair for the foreseeable future, and as such we are willing to sell once we get close to the 79 handle and looking to buy once we get closer to the 77.50 level. Beyond that, there isn't much to say about this pair.