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Chart - Courtesy Trading View
EUR/JPY was trading 0.42% lower on the day at 127.72at around 15:50 GMT.
The single currency was buoyed after ECB stuck to its hawkish stance at its policy meet earlier on Thursday.
The ECB offered a commitment to end its bond-buying program (APP) in the third quarter which led the markets to price in the possibility of a 25 bps rate hike in October.
EUR/JPY spiked higher to test 21-EMA at 128.52, hit 7-day high at 128.87 before slipping lower.
The pair, however, reversed its direction and started to decline on ECB President Lagarde's cautious comments.
Lagarde suggested inflation in the region is seen considerably higher in the short-term horizon.
The ECB chairperson ruled out any acceleration of the normalization process, favouring instead a gradual approach.
EUR/JPY is struggling to hold break above 200H MA, retrace below will drag the pair lower. Close above 21-EMA will change near-term dynamics.
