• The single currency remains under pressure in early Europe, leaving the EUR/JPY largely rangebound.
   
• The pair has been trading a falling wedge pattern, and is consolidating bounce off wedge base at 122.05 on March 1st trade.
   
• Techs show scope for upside is rising:
  - We see a bullish 5-DMA crossover on the 10-DMA
  - Daily Stochs and RSI have rolled over from oversold levels and biased higher
  - MACD line has shown a bullish crossover on the signal line 
   
• 125 is strong resistance for the pair, a close above will see further gains.
   
• The pair is currently capped between 5 DMA(124.64) and 10 DMA(124.19) which are immediate resistance and supports for the pair.
   
• Markets focus on ECB rate decision and Draghi's speech due later in the EU Session for further cues on the pair.
   
• Price actions surrounding Euro suggests, traders have refrained from taking any directional view, especially after December shock.