Perhaps it’s just the people I am speaking with, but most of my colleagues plus most of the posted comments on this site seem to be bullish on USD/JPY. What I’m not sure about is how many people are actually long. Perhaps with pairs like EUR/JPY and GBP/JPY still in downtrends traders are unwilling to risk going long USD/JPY.
Exporter offers will continue to weigh on USD/JPY and they are presently seen between 94.50/80. Dips are likely to be limited to 91.50 where the BoJ/Kampo are thought to have set up shop. I guess this is a market perfectly suited to range traders.