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USDJPY is going to break from this consolidation. It is only a matter of time. In the past 12 months, when we've seen the ATR (10-day) for the pair hit levels these low, it has preceded a meaningful break or swing. The same is likely true of this instance, but when and under what motivation? With the BoJ Oct 30 meeting ahead and anticipation of a QE upgrade, it may prove a good spark whether that boost or not. However, will the range hold in the lead up to that important calendar item?