The heavy buying of downside protection has now eased according to interbank reports, and now we must wait and see whether the spot price starts gravitating towards the option strikes at 95.25.
The immediate short-term danger would still seem to be to the downside in my opinion, especially seeing the absence of a rally post-BOJ nominees. I’d suggest a 95.70/96.30 range with mild short-term bearish bias, but be ready to buy any deeper dips towards 94.00/50 as the medium-term bull trend is still in total control.