EUR/JPY testing lows near 113.70, Yen picks-up pace

EUR/JPY remains under pressure in the early European morning, looking to break below 113.70 region, as the Japanese currency picks-up strength prevalent risk-averse market conditions.

EUR/JPY faces stiff resistance near daily pivot at 113.88

The EUR/JPY pair trades -0.16% lower at fresh session lows of 113.71, heading towards next support located at 113.50. The EUR/JPY cross is currently seen breaking lower from the Asian consolidation box, largely on the back fresh JPY buying, as markets flock to safe-havens such as the yen in wake of rising uncertainty over the monetary policy decision by the BOJ  and Fed.

While the EUR/USD pair keeps its range-play intact near 100-DMA, having paid little attention to the poor German PPI figures, as the main risk events for this week are the central banks’ events.

EUR/JPY Levels to consider  

The pair has an immediate resistance at 114.15/22 (5 & 50-DMA) and from there to 114.88 (20-DMA). On the flip side, support is seen at 133.46 (daily S1) below which it could extend losses to towards 133.00 (round figure).