EUR/JPY making headways towards 115.00

EUR/JPY is seen trading quite choppy so far this Friday, extending recovery from below the mid-point of 114 handle, and now looking to retest 115 handle.

EUR/JPY capped by 5-DMA at 114.85

The EUR/JPY pair trades -0.10% lower at 114.73, on its way to test daily tops previously posted at 114.81. The EUR/JPY cross tries hard to take on the recovery above 5-DMA, with the rebound in the USD/JPY pair lending some support to the cross, as the Japanese yen gives up most of its yesterday’s gains in wake of solid bounce staged by Japan’s Nikkei 225 index.

Meanwhile, muted trading activity seen in the EUR/USD pair provides little impetus to EUR/JPY, as all eyes remain on the US CPI figures for further momentum on both the EUR and JPY.

EUR/JPY Levels to consider  

The pair has an immediate resistance at 114.85 (5-DMA) and from there to 115.48 (Sept 12 high). On the flip side, support is seen at 114.39 (50-DMA) below which it could extend losses to towards 113.77 (Sept 7 low).