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Forex pairs in this Article » (Barcelona) - Ahead of the BoJ monetary policy decision on January 22, Rob Ryan, RBS analyst, reminds us that "recent BoJ decisions have been characterised by a sell-the-fact type reaction: even when the central bank has delivered the consensus easing measures, USDJPY has seen a knee-jerk pullback" he notes.

Mr. Ryan adds: "It seems to us that the market is now at risk of significant disappointment come Tuesday next week: if all we get is a vaguely worded desire for 1-2% inflation there could be a lot of exposed short-yen positions -- with crosses such as JPYKRW
and AUDJPY particularly at risk of a sharp unwind."
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