Societe Generale Research recommends long EUR/JPY exposure via options (buy 1m EUR/JPY call strike 150) ahead of this week's BoJ meeting.

"If the BoJ makes no meaningful policy change on 28 April (and we think it’s too soon to expect it to act) and offers little or no guidance about a move later this year, we are likely to see USD/JPY move closer to 140," SocGen notes. 

"Given the bearish dollar momentum and the eurozone economic rebound in the first quarter, we think that going long EUR/JPY would benefit the most from a BoJ status quo and is tactically more attractive than USD/JPY," SocGen adds.