This is the moment to decide what you really believe about the global economy. There are three questions to answer:

  1. Was the US economy depressed by snowy weather? Or is the underlying trend softer?
  2. Were Chinese exports skewed by the Lunar New Year? Or has there been a dramatic slowdown?
  3. Is Ukraine headed for war?

If you’re not worried about any of them, this is your chance to buy a dip in the yen crosses. The BOJ meeting is coming up later and after soft GDP numbers on Monday, officials are more likely to hint at further actions.

Technically, AUD/JPY has stalled out at the 50% retracement of last week’s gains and GBP/JPY has given back a significant (albeit smaller) portion of its gains. Other yen crosses also make compelling arguments.