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Forex: EUR/JPY still capped below 122.00

EUR/JPY is last at 121.75, still capped below weekly starting price around the 122 level, ahead of key risk event Thursday in the form of ECB meeting. The cross has not seen yet any upside for the week, recovering from a double weekly low at 121.10, on the back of relatively Yen strength. Volatility as measured by daily average range keeps shrinking down to fresh 2-month lows around the 186 pips, off recent 2-year highs at 235 pips post-Italian elections, and coming from multi-year lows back in mid Sept when it was below the 100 pips.
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