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The USD/JPY pair barely moved during the Friday session as the pair continues to be pretty much a stalemate. This pair reflects the fact that there are two central banks are involved that are currently trying to devalue their currencies. With this being said, it's hard to think that there is going to be some sudden breakout in one direction or the other.
Because of this, we actually prefer to play a range bound strategy, selling closer to the 79 handle and buying closer to the 77.50 level. The fact that we are closer to the 70.40 handle tells us that it's time to step on the sidelines and simply wait for one of the outer bounds of this consolidation to get hit in order for us to play the bounce.