EUR/JPY muted around 114.50, awaits ZEW

EUR/JPY reversed a dip below 114 handle and now trades in the familiar range near 114.50 levels, as markets look forward to the ZEW surveys for fresh incentives on the EUR.

EUR/JPY capped by 50-DMA at 114.53

The EUR/JPY pair trades dead flat at 114.43, having faced strong resistance near 114.60 region. The EUR/JPY cross failed another attempt to the upside and now trades almost unchanged on the day, as investors await ECB Draghi’s speech and ZEW survey in order to take a position on the shared currency.

EUR/USD paid little attention to the in-line with expectations German CPI figures, while the USD/JPY consolidates the recovery below 102 handle, both lending little help to the EUR/JPY recovery.

EUR/JPY Levels to consider  

The pair has an immediate resistance at 114.96 (5-DMA) and from there to 115.48 (Sept 12 high). On the flip side, support is seen at 113.90 (daily S1) below which it could extend losses to towards 113.77 (Sept 7 low).