USD/JPY initially spiked during the Asian session on Tuesday, only to spend the rest of the day falling. The downtrend remains intact as usual, and the selling should continue. However, we are getting to retrace about 50% of the recent intervention and the easy pips have already been had. We look for a slow grind lower at this point, but are finding a new position in this pair to the short side untenable. The buying of it is a loss waiting to happen, at least until we get much, much lower and trigger more intervention.