TD recommends EUR/JPY short as an FOMC hedge
TD with a trade recommendation
TD Securities recommends selling EUR/JPY at spot (122.03) as a defensive play if the Fed doesn't deliver the kind of dovish message the market is hoping for.
They target 120.00 with a stop at 123.50.
Analysts there also say the pair could benefit in an extreme dovish scenario because it would lead to a drop in front-end USD yields and "most likely kick-start the correction" in USD/JPY.