• EUR/JPY meets with a fresh supply on Tuesday and stalls its recovery from over a one-month low.
• The divergent BoJ-ECB outlook continues to act as a headwind for the cross and exerts pressure.
• Traders might prefer to wait for the key BoJ policy meeting before placing fresh directional bets.

The EUR/JPY cross attracts fresh sellers following an Asian session uptick to the 157.10 area and stalls its modest recovery move from the vicinity of the 155.00 psychological mark, or the lowest level since August touched the previous day. Spot prices drop to the 154.25-154.20 region in the last hour and seem vulnerable to prolong the recent downward trajectory witnessed over the past two weeks or so.

The Japanese Yen (JPY) continues to be underpinned by the recent hawkish signals from the Bank of Japan (BoJ) officials that the central bank will raise interest rates further by the end of this year. Apart from this, the market nervousness ahead of this week's key central bank event risks turns out to be another factor that benefits the JPY's relative safe-haven status and exerts downward pressure on the EUR/JPY cross. 

The US Federal Reserve (Fed) is scheduled to announce its policy decision at the end of a two-day meeting on Wednesday, which will be followed by the Bank of England (BoE) policy update. The focus, however, will remain glued to the highly anticipated BoJ policy update on Friday, which will influence the near-term JPY price dynamics and determine the next leg of a directional move for the EUR/JPY cross.