In his book Reality and Illusion in New Testament Scholarship: A Primer in Critical Realist Hermeneutics, Ben Meyer has a great statement about proper subjectivity in interpretation driven by the responsibility of the interpreter. This is an appropriate median path between the assumed objectivity of modernism and the total subjectivity of postmodernism. The challenge is to the interpreter to measure up to the challenge of the text. This quote is from p. 4:
All truth, whether it be the sense and truth of the text or the truth of the interpretation (the successful recovery and mediation of the sense and truth of the text), hinges on objectivity. Objectivity, in turn, hinges on the subject's efforts to perform his task well. Contrary to a stubborn illusion born of naïve realism, objectivity is not achieved by the flight from subjectivity nor by any and every cultivation of subjectivity, but by an intense and persevering effort to exercise subjectivity attentively, intelligently, reasonably, and responsibly.