I’m still short of USD/JPY and with the really big players selling in recent days, I’m in no big hurry to cover. However, we should see some volatility today with plenty of risk events on the economic calendar and buying any decent intraday dips towards 95.50 makes good trading sense. There is technical support starting at 95.00 which will attract more macro profit takers.
Trend is still bearish, so selling rallies the preferred strategy, but wide 95.25/97.75 range trading is certainly possible.