USD/JPY: Should be re-named Jekyll and Hyde

Overall I think we go lower in this pair and we will probably see levels back towards 93.00 in coming weeks, but it won’t be in a straight line.

• The crosses are giving mixed messages; AUD/JPY is trying to form a strong technical base near 89.50 but EUR/JPY and CHF/JPY look soft.
• Fundamentals seem to be USD/JPY bullish (Fed tapering, BOJ expansion) but the market is long.
• Plenty more Jekyll and Hyde trading ahead for USD/JPY.