The Bank of Japan has a chance to try and stem the yen's rise - but this strategist doubts it will happen.
With the yen once again near all-time highs, there is talk that the Bank of Japan may try to bring it down to earth at its upcoming meeting. But Andrew Busch, global currency and public policy strategist at BMO Capital Markets, thinks it's unlikely.
"I believe the Bank of Japan is not going to act on quantitative easing strongly," he says. "I think they're going to wait not only for the Greek election, but also to see if Japanese politicians can get their act together and pass that consumption tax."
If the bank doesn't take big steps to weaken the yen, Busch thinks the strength will continue. He wants to wait until the end of the week to put on his trade, but at that point he wants to sell the euro against the yen.
Busch suggests entering the trade at 100.25 with a stop at 100.75 and a target of 98.75.
"The concept is that the Bank of Japan will not act and we'll revert back to risk off with selling of euros at the end of the week," he said on CNBC's "Money in Motion."
Todd Gordon, co-head of research and trading at Aspen Trading Group, likes the trade - but from a technical standpoint, he says he would like it better if the market opens in a risk-off mood on Monday.
But Rebecca Patterson, chief markets strategist for J.P. Morgan Asset Management, Institutional, is more sanguine. She points out that many investors are already long the yen, but says, "I think this meeting is going to be a disappointment for wouldbe yen bears. I'm with Andy. I would like to buy yen."