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After Friday's rejection at 114.00 handle, renewed buying interest around the Japanese Yen dragged the EUR/JPY cross back below 113.00 handle.
Yen continues to benefit from Friday's disappointing US macro releases that forced investors to trim their expectations of an imminent Fed rate-hike in 2016. Adding to this, a cautious sentiment surrounding equity market is boosting demand for traditional safe-haven assets and exerting additional selling pressure around the EUR/JPY cross.
Meanwhile, the cross shrugged-off weaker-than-expected Japan's quarterly GDP print for second-quarter of 2016 but seems to gain some support from upward revision of Japanese industrial production data for the month of June.
In absence of any fresh impetus in-term of major economic releases from the Euro-zone, the cross might remain confined in a narrow trading range below 10-day SMA while taking cues from prevalent sentiment surrounding riskier assets - like equities.
Technical levels to watch
A follow through selling pressure below 112.70-65 area is likely to accelerate the slide immediately towards 112.30 multi-week lows support, below which the weakening trend should get extended towards 111.80 support.
Meanwhile on the upside, recovery momentum above 113.00 region also coinciding with 10-day SMA is likely to lift the pair immediately towards 113.50-55 intermediate resistance before making a fresh attempt towards reclaiming 114.00 handle.
