Buy USD/JPY dips
From Credit Agricole:
We expect any JPY upside from the current levels to prove unsustainable. This is regardless of the latest data indicating improving conditions. It must be noted, too, that the latest economic stimulus package had only limited market impact and that may be taken as a signal of being in the need to consider a more aggressive monetary policy stance if needed.
It may well be that several BoJ members reaffirmed that growth and price developments are expected to improve. However, in the current environment it remains questionable that the central bank can reach its 2% inflation goal sustainably and in time.
As a result, our economists expect the BoJ to turn more aggressive on monetary policy this week, at least if more unstable market conditions make a case of it.
Should this week's Fed monetary policy announcement fail to derail risk sentiment, any extra easing may be delayed until the start of next year.
All of the above suggests that the JPY should still be sold on rallies, for instance against the USD (ie buy USD/JPY dips).
