• USD/JPY is trapped in a range with neither bulls or bears willing to commit. 
• Fear of intervention prevents upside and the potential for US Dollar strength downside. 
• Most institutional investors sees USD/JPY falling eventually once rates narrow. 

USD/JPY is trading in the 151.300s on Tuesday, little changed from the previous session as it enters a stalemate zone below multi-year highs. 

The pair is trapped in a narrow consolidation as both sides of the trade suffer from paralysis. 

Bulls are paralyzed by the fear of intervention from the Japanese authorities and bears by the potential for the US Dollar (USD) to excel given the above-average performance of the US economy, as well as fading hopes of an early interest-rate cut by the Federal Reserve (Fed).