EUR/JPY rejected at daily pivot, 113.50 tested

The EUR/JPY cross wiped-out entire gains and now trades modestly flat around the mid-point of 113 handle, awaiting fresh direction from the upcoming Eurozone manufacturing PMIs.

EUR/JPY eyes PMIs

The EUR/JPY pair now trades modestly flat at 113.53, retreating from session highs reached at 113.73 earlier on the day. The EUR/JPY cross struggles to keep the bids as the yen extends its overnight bullish run against its American counterpart, knocking-off USD/JPY closer towards 100 barrier.

Meanwhile, the downside remains cushioned as the cross finds some support from stronger EUR/USD, which hovers near session tops beyond 1.13 handle. Looking ahead, the upcoming Eurozone flash PMIs will be closely eyed for fresh impetus, while markets continue to digest latest comments from former BOJ official Shirai.

EUR/JPY Levels to consider  

The pair has an immediate resistance at 114 (round number) and from there to 114.82 (Aug 2 high). On the flip side, support is seen at 113.31 (20-DMA) below which it could extend losses to towards 113.00.