This afternoon’s BOJ monetary policy statement is not expected to bring any surprises although there might be some minor tinkering around the edges with some of the already-announced policies.

USD/JPY is sitting just below a previously important pivot at 99.00 and much of what happens today will depend on this level holding or breaking. Semi-official Japanese interests have been buying dips in the Yen crosses and this could turn out to be a significant event so watch for reports of increasing volumes.