EUR/USD, USD/JPY: Is it better to sell EUR/USD or buy USD/JPY?

The SocGen bank prefers to buy USD/JPY, rather than sell EUR/USD to express its bullish view on the US dollar:

"We still prefer the dollar on the forex, against the yen and the euro.

EUR/USD seems headed for a test of 1.08 but we wonder how much the weaker euro is related to QE from the ECB and in particular its intention to buy more corporate debt in relation to sovereign debt. Reduced purchases of sovereign debt could push the euro up. If the ECB runs out of ammunition, we have a hard time seeing another catalyst for a larger decline of the euro.

However, we remain firmly bullish on the USD/JPY since 100.30. The squeeze of yen bulls still has room to improve." says the SocGen bank.