I am not able to reference a JP2 file to v8i or Connect versions of Microstation. I see a lot of issues in the past with this file format. Was a solution ever found? If not why does the documentation still say that this format is compatible?
https://communities.bentley.com/products/microstation/f/microstation-forum/129582/we-cannot-create-a-valid-coordinate-system-error---raster-manager/395322#395322
Post from couple of years ago indicates this issue still not resolved. I would not say converting the JP2 file to another format compatibility with that format.