The Bank of Japan meets this Thursday, and more easy-money policy could lie ahead - but this strategist says betting against the yen is a mistake.
Several central banks are meeting this week, but Japan will also be releasing its semiannual economic forecast. "This is a biggie," says Rebecca Patterson, chief markets strategist for J.P. Morgan Asset Management, Institutional. "We think they're going to be revising both growth and inflation forecasts lower," she told CNBC's Scott Wapner.
All else being equal, you'd think that would hurt the yen, but you have to factor in overall risk sentiment in the market. "If we get this risk rally continuing, we're going to get a little bit of a weaker yen," Patterson says, and "you'll want to fade it.