There are lots of people, myself included, waiting for a dip back towards 93 in USD/JPY where we could set longs with a 200 pip stop for a move back to 100+. I’m not sure we are going to get the chance but I’m not going to start chasing the market. There may be some chasing if we can break above 96.00 which is rumoured to be a big option level. Dealers say there are tonnes of stops above 96.20, mainly from option books. Support on the day is firm now around 94.70.