USD/JPY continues to hang in around the 78 handle, and as such – it is providing little in the way of short-term trading opportunities. The intervention has scared many of the traders away, but these unilateral interventions almost always fail. In fact, the last one did in just 5 days! The move down should be coming, but it will likely be a grind rather than a free fall. Because of this, if you are already short of this pair, patience is the key. We are short, and presently holding on until about the 77 handle.