EUR/JPY hangs near 1-1/2 month lows as the BoJ presser gets underway

As the BoJ presser got underway, the EUR/JPY cross maintained its offered tone and held weaker near 1-1/2 month lows. 

The spot failed to gain any respite after BoJ Governor Haruhiko Kuroda, during his opening statement at the post-meeting press conference, said that downside risks to prices are larger and there would be no change to the central bank's stance to continue with strong monetary easing in order to achieve 2% price target at the earliest possible date. 

In absence of any fresh dovish surprise, Kuroda's comments failed to provide any meaningful momentum, with the cross holding in negative territory for the fourth consecutive session. 

Meanwhile, a modest pull-back in the EUR/USD major was also seen collaborating towards keeping a lid any further up-move for the cross. Investors on Tuesday would remain focused on the key EU macro data - prelim Q3 GDP and flash version of the latest inflation figures for October, due for release during the European trading session. 

Technical levels to watch

Weakness below mid-131.00s is likely to accelerate the slide towards 131.00-130.95 horizontal zone before the cross eventually drops to its next support near the 1.3040 region. On the upside, any recovery attempt is likely to confront immediate resistance near 131.85 level and is closely followed by the 132.00 handle, above which the rebound could get extended towards 132.30-35 hurdle.