FXstreet.com (Barcelona) - Having soared overnight following the uber dovish BoJ meeting, EUR/JPY has declined during the ECB Policy Statement and Press Conference.

The pair posted a high at 122.70 this morning following the new BoJ Governor´s first policy statement, but declined to post a European session low at 121.60 during Draghi´s speech. Draghi commented that he still sees downside risks for the region looking forward and that he would keep monetary policy accommodative for as long as necessary. Further, he added that the decision to hold rates was taken as the board felt that the timing was not appropriate. Moving to the Q&A, Draghi commented that he had not met with Italian politician Bersani, and regarding Cyprus, that the ECB had suggested that Cyprus plan without a depositor bail in. Additionally he emphasised that Cyprus is not a template. Despite the sell off during his policy statement, his guidance during the Q&A look to have offered some near term support to markets, with spot holding at 121.85 for now. Hourly RSI continues to hold a nearterm upside bias at 68.