JP Morgan on USD/JPY into the October BoJ decision on Friday.

"USD/JPY's stubbornness in the high 150s reflects a tug-of-war between a firm policy ceiling and fading yield support, rather than any single dominant driver...The October BoJ meeting is unlikely to be the catalyst that breaks this range, even as the Bank formally claims a historic milestone. Per Reuters, the BoJ is set to acknowledge in its Outlook Report that it has hit the 2% inflation target for the first time in nearly 14 years — but we expect this to validate the September hike and underpin a quarterly tightening cadence rather than spur back-to-back moves, as the BoJ will want time to assess policy transmission before acting again," JPM notes.

"Because a quarterly pace of rate hikes is already priced into the OIS curve, confirmation alone is unlikely to lift terminal pricing, and the Bank's reluctance to signal consecutive hikes could cap more aggressive tightening bets — leaving limited scope for material JPY appreciation out of the October MPM, and leaves the currency more exposed to global risk and rates development," JPM adds.