The USD/JPY pair fell slightly during the session on Tuesday as the markets were fairly quiet overall. The pair has been consolidating between 76.50 and 78.50, and it looks like these two areas are where traders start to get involved. The pressure to the downside is certainly strong, but the Bank of Japan has intervened a few times over the last year, and is likely to do so again if this pair falls too far. With this in mind, we feel that selling at the bottom of the consolidation pattern is risky, especially if the Bank of Japan is going to get active again. Because of this, we are flat in this pair, but would buy a bit close to 75 on a supportive candle and jawboning coming out of Tokyo. In the mean time – there isn’t much to do we are afraid.