This week’s economic calendar is replete with important information on the state of the US economy and monetary policy. With respect to the latter, Wednesday’s FOMC meeting will be the main event. Most analysts we’ve read don’t expect the Fed to take any policy firming actions this week, partly because inflation has continued to surprise to the downside of late. In this respect, the Fed’s framing of the latest inflation developments will be closely scrutinized, analysts say. USDJPY is particularly interesting currently, and technical analysts say the currency pair is breaking a cluster of technical levels including the bottom of the cloud at 110.78. This technical break could open a move lower to 108.80 and our some FX strategists prefer to be short, looking for a grind lower. Today we feature a piece from UBS’s James Malcolm on the tail risk that is the ”end of Abenomics.” We also focus on the dollar more generally and the Trump legisaltive agenda as a key driver of further USD weakness.