SocGen's Kit Jukes has the answer
The battle of the banks is what SocGen's Kit Jukes discusses in his latest note
He sees EURUSD bouncing after the Fed acts (although it's by no means a given they will) and then it will head towards parity;
"Our assumption is that the euro will see a bounce, possibly after the Fed finally acts, as bond markets react calmly, but we will likely see the low in EUR/USD closer to the peak level of that Treasury/Bund spread, which is more likely to come in 2017 than 2016. That should take EUR/USD below parity in due course,"
USDJPY will peak above 125.00 as it follows the Treasury market
"USD/JPY will likewise move at a pace dictated by the Treasury market - i.e. slowly - but we'll see a peak above 125.We will also see periodic slides down when risk aversion and volatility jumps. I'm not sure that there is anything the BOJ can do to change that for now.
Overall, we are likely to see somewhat range-bound currencies in the very near term."
Range bound is very much what we are now, and fairly tight too. The lack of extra dollar strength on the hawkish message from the Fed is a big signal that we're either pretty priced in, or that the market has been bitten too many times already and will wait for confirmation this time. Either way, the tighter we keep the range the more coiled the market could become and the more volatile the eventual release reaction will be