As of this writing the USD/JPY is trading near the 138.240 mark, and has come down from highs made when the Forex pair attained an apex around 139.400 on the 14^th of July. While the reversal from the high water marks has proven to be sharp, the USD/JPY remains locked within the upper realms of its long-term price range. The retreat from the elevated values of the USD/JPY could prove to be a temporary breathing stage for traders allowing them to watch the market.