Credit Agricole CIB Research likes being long EUR/JPY around current levels targeting a move towards 144 with a stop at 133.70.

"We expect the EUR’s appeal to grow in the coming months. The beginning of the ECB’s tightening cycle will (1) reduce the currency’s yield disadvantage; (2) encourage an unwinding of EUR-funded carry trades; and (3) by eliminating negative rates lead to greater FX reserve allocations to the currency. A stubbornly dovish BoJ is not reacting to higher levels of food and energy inflation with higher rates, unlike other central banks," CACIB notes, 

"We acknowledge risks of FX intervention to support the JPY, but note the Japan MoF is still more concerned about volatility than levels in the JPY and is yet to signal a strong urge to intervene," CACIB adds.