USD/JPY: Bulls should be patient and wait for 93.50
Bearish momentum is very strong at the moment but bulls shouldn’t give up hope as they have the strong long-term trend in their favour.
If you can remember back to the extreme volatility we had after the BOJ April meeting? I remember it well because I was short going in to it and managed to buy those back at 93.40 just after the statement was announced. Clever move indeed, but not clever enough to go long as it rallied 1000 pips from there 🙁
I think that 93.00/50 level should be very important again and long-term bulls can consider sticking in a small ‘speculator’ somewhere near those levels.