USD/JPY sat still again on Tuesday as traders continue to scalp the market at best. The pressure on the pair is significant, but not so much as to press the patience of the Bank of Japan, who are more than willing to intervene on sharp falls in price. The pair is going to be especially difficult to trade for longer-term traders, but the scalping community has to love this environment.
The trade has been simple: Buy somewhere near 76.25, and sell somewhere near 77. It has been working for some time now, and there is nothing in the charts that shows it is going to break out anytime soon. We are neutral overall, but are also willing to accept the 25 pip trades that are so abundant in this pair presently.