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The USD/JPY pair fell during most of the session on Monday, but bounced off of the 78 handle before was all said and done. Monday would've had low-volume in the United States during the Columbus Day celebrations, and as such only so much can be read into this move.
This market does look like is consolidating between 77.50 and 79.50, and as such we are willing to range trade this market as long as we are close to either one of the extremes. Currently, we are not, so there really isn't much of a trade in this market.