The USD/JPY pair rose during the course of the session on Tuesday, showing the support that we had anticipated previously. The fact that this market now shows support suggests to us that in fact the longer-term consolidation will hold. We like buying a break of the top of the range for the Tuesday session, but understand that with nonfarm payroll coming out on Thursday that it’s likely this market will be fairly quiet between now and then. Ultimately though, we believe that the market will try to go back towards the top of this range.
