Traders widely expect the Bank of Japan (BOJ) to keep its policies steady for another month in May. Based on our Event Guide for the May BOJ Monetary Policy Statement, the central bank could also downgrade its economic projections and possibly sound less hawkish than some yen buyers are expecting. If Gov. Ueda and his team tone down their interest rate hike hints, we think GBP/JPY and NZD/JPY may present good trend opportunities for yen traders: