Goldman Sachs has closed EUR/JPY short - Bloomberg

Goldman strategists have squared off the short position in the EUR/JPY and have switched to shorting the US Dollar against the Japanese Yen. 

Analysts believe the EUR might not have much downside around the European Central Bank (ECB) meeting this week, even if significant easing measures are announced, according to Bloomberg. 

Goldman Sachs expects a "substantial" package from the ECB, including a 20 basis point deposit rate cut, bond purchases of EUR 30 billion a month for nine months and dovish forward guidance.