Rabobank - "EUR/JPY has edged back from its recent highs. Yen weakness remained a theme in February though the unit has adopted a more stable footing against both the EUR and the USD. The likelihood that the BoJ will again step up policy accommodation suggests that yen will remain on the defensive in the months ahead. That said, the yen has moved closer to fair value and there is some concerns within Japan about the pace of the recent move in the currency. Consequently there is good reason to anticipate that the yen will desist from another sharp move lower in the weeks ahead. In view of the risk of negative political news from the eurozone, we see risk of a retreat towards the EUR/JPY 117 area on a 3 mth view. On the assumption that confidence in EMU will strengthen medium-term we see scope for a push towards EUR/JPY 133 on a 12 mth view."