EUR/JPY meets fresh supply just shy of 114 handle

The EUR/JPY cross remains strongly bid in Europe this Wednesday, although failed to surpass 114 handle, on the back of sharp downside correction seen in the yen against its American peer.

EUR/JPY hovers around daily pivot at 113.75

The EUR/JPY pair now rises +0.57% to 113.77, having posted session highs at 113.92 in the last hour. The EUR/JPY cross trims gains, although keeps the recovery mode intact amid a broad based US dollar rebounded, which dragged the USD/JPY sharply higher and thus, weighed on the yen crosses across the board.

Meanwhile, muted trading activity seen around the EUR/USD pair also fails to provide further impetus to the cross. Next of note for the cross remains FOMC minutes amid a lack of relevant economic events in the day ahead.

EUR/JPY Levels to consider  

The pair has an immediate resistance at 113.93/114 (daily high/ round number) and from there to 114.82 (Aug 2 high). On the flip side, support is seen at 113.57 (5-DMA) below which it could extend losses to towards 113.18/17 (100 & 200-DMA).