We remain of the view that the BoJ will indeed announce additional measures this week and that should keep the JPY a sell on rallies, for instance against the USD or SEK.
This is especially true as more stable external conditions may have enabled the Fed to increasingly focus on constructive domestic conditions. Hence, there may be room for a less dovish rhetoric as part of this week’s monetary policy announcement.
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Accordingly, there is room of diverging Fed-BoJ monetary policy expectations to the benefit of USD/JPY. As such we like buying dips in the pair.