EURJPY Revaluated Ahead of ECB

Markets approach Thursday's ECB meeting as the first meeting in a few months when speculation of an “imminent” rate cut is out of the way following Friday's higher than expected CPI figures. But does this mean that a Thursday rally in the euro is a higher certainty event? Would that mean further gains for EURUSD, or EURJPY? What about the risk of a stronger than expected US jobs number on Friday dragging the euro. Or how about resurfacing volatility from Ukraine-Russia weighing on yen crosses? There are 2 existing longs in EURUSD in our Premium Insights. But what about EURJPY? The pair has consolidated between its 55 and 100-DMAs in a 30-pt consolidation as bond yields have returned to 4-week lows before bouncing off yesterday's 200 DMA. Does EURJPY present a bullish opportunity ahead of the ECB with the anticipation of further run-up in risk appetite? Or, is ready to dissipate near the 55-DMA as it has done on Feb 21^st and Jan 29?