EURJPY LONG: Eurozone inflation to keep ECB on their toes

ECB will begin tightening at some point - given the rising Euro area inflation.

Current account surplus of the Eurozone is also strong versus Japan.

Japan cannot tighten conditions at this point. Even if they do - JPY may not strengthen as it will lose its value as a funding currency. Furthermore, all other central banks will be tightening at that point anyway.