That’s not an easy thing for a USD/JPY bear like myself to say but the same people who 6 weeks ago were bullish at 92 are now bearish at 87. This tells me that we’re in a trading range and the fact that the BoJ and other Sovereigns are lined up below 86.00 adds some strength to this theory. I think that USD/JPY will trade between 85 and 95 for the rest of the year so at present levels I’m tending to be a dip-buyer.