EUR/JPY pushing to regain 131.00 handle after Thursday's decline

• EUR/JPY trying for a rally after plummeting on a dovish ECB Thursday.
• JPY data impact looking limited to start, but may grow as Tokyo trading continues.

The EUR/JPY is bidding up heading into the Tokyo markets but may be losing conviction, faltering just beneath the 131.00 handle.

The Euro is lifting against the Yen through the overnight session after declining steeply in Thursday's trading, with Euro bulls largely shunned by the European Central Bank (ECB) which went out of its way to put a halt to any bullish interpretations of their current stance, holding rates where they are for now and dropping some of the easing rhetoric from their usual talking points, but still maintaining an overall dovish stance.

Today marks a key day for the Yen, with the Bank of Japan (BoJ) coming out with their interest rate decision at 04:00 GMT. The central bank is widely seen holding on rates and asset purchasing programs, but any changes to BoJ governor Kuroda's rhetoric could impact the Yen's direction in Asia trading.

Data effects in the overnight session were largely mild, despite Japanese Household Spending figures for the year ending January beating the forecast -1.2% to print at a positive 1.9%. and M2 Money Supply coming in exactly at expectations of 3.3% versus the previous 3.4%.

EUR/JPY Technicals

The pair might be shaping up for a further decline from deep within bearish territory, and technical indicators' bullish signals are beginning to look like a misfire. Intraday support levels are currently sitting at 130.50 and 129.50 with resistance at 131.80 and the 132.00 handle.