Bring pudding mix and milk to a boil in a saucepan over medium heat, stirring constantly. Let cool. Fold in half of whipped topping. Sprinkle sugar over peach slices and toss gently. Place half of cake in bottom of a 16-cup trifle bowl or other large clear serving dish. Drizzle with half of orange juice. Arrange half of peach slices over cake and top with half of pudding mixture. Repeat layers. Spread remaining whipped topping on top. Cover and chill at least 2 hours before serving. Refrigerate any leftovers.
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