EUR/JPY off-highs, retreats to 114.40 ahead of PMIs

The EUR/JPY cross trims gains and slips back below the mid-point of 114 handle, mainly driven by a retreat in the USD/JPY pair amid fresh selling seen in the Japanese equities.

EUR/JPY awaits German PMI

The EUR/JPY pair now trades +0.48% higher at 114.43, supported above daily pivot placed at 114.28. The EUR/JPY cross is  seen fading a spike to daily tops as demand for the yen returned after risk-on sentiment eased a bit in early Europe.

While the EUR/USD pair continues to trade around a flat-line between 1.1166-1.1185 levels, having limited impact on the EUR/PY cross. Looking ahead, the cross is expected to derive some incentives from the German as well as Euro zone manufacturing PMI report ahead of the US manufacturing data due later in the American session.

EUR/JPY Levels to consider  

The pair has an immediate resistance at 114.73 (daily high) and from there to 115.18 (5-DMA). On the flip side, support is seen at 114.28 (Daily pivot) below which it could extend losses to towards 113.82 (Jul 29 low).