Its not that I’m bullish really, just that I think we are in swing trading markets and as it’s already fallen 100 pips today, we will probably get an intraday reversal at some stage. Plus as I mentioned earlier, 93.40 was the first level the market halted at after the April BOJ decision.
All the current Yen strength is due to profit-taking from macro funds and as such, we will eventually reach an equilibrium point.