USD/JPY bears have moved in ahead of the big day, the Fed By ross_burland USDJPY Currencies DollarIndex Fed BOJ
Fed is expected to raise rates by 50bp at its 3-4 May meeting and announce quantitative tightening.
With the help of a dovish Bank of Japan, the pair traded at a new high at 131.25 last week from which the bulls threw in the towel taking profits into month-end. However, by sticking with ultra-loose policy, the BoJ cannot expect anything except further yen weakness in the face of a hawkish Federal Reserve.
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