EUR/JPY fails to hold 133.00, pulling back ahead of Eurozone PMIs

• EUR/JPY pulling back after an Asia lift.
• Yen is down across the board, but Euro still soft.

EUR/JPY has pulled back after climbing to reach an Asia session high of 133.06 and is now trading into the 132.80 region ahead of European markets.

Today brings the European Markit PMIs, beginning with France at 08:00 GMT, Germany at 08:30, and the broad Eurozone at 09:00. Swiss Industrial Production will also be released today, but the time has not been set. Market forecasts have broadly anticipated a small decline in the headline figures, with analysts predicting a reading 58.5 for the Markit PMI Composite for February, compared to the previous period's reading of 58.8. 

The Euro is struggling to gain a foot over the Yen, only finding the floor after the Bank of Japan (BOJ) threatened market participants with direct intervention if the Yen doesn't stop strengthening in the FX markets. 

EUR/JPY Technicals

The pair is still trading close to the recent low of 131.59 and is currently testing into the 8-day EMA, which is still below the 34 EMA while the 200-day SMA is acting as support from the 131.00 major handle. Resistance is priced in from 133.07 and 134.31, while a bearish continuation will face support from 131.57 and 131.14.