The USD/JPY pair went back and forth during the course of the session on Tuesday, testing the 120 level for support. With that being the case, the market looks as if it is possibly going to bouncer here, as the 120 level has been so important. However, keep in mind that the overall consolidation runs from the 118.50 level on the bottom to the 121.50 level on the top. The market should continue to be very choppy, so short-term charts will be used in order to trade around this range. We have no interest in placing longer-term trades unless they are to the upside, and on a break out.
