EUR/JPY fails to resist above 116.00, Yen selling stalls

The cross in the EUR/JPY is seen extending its corrective slide from near five-week tops, as the Japanese yen regains ground somewhat amid a quiet Asian session.

EUR/JPY eyes 5-DMA?

The EUR/JPY pair drops -0.06% to 115.90, heading for a test of daily lows struck previously at 115.80 levels. The Japanese currency stalled its six-day losing streak and attempted a minor-recovery against its American counterpart, sending EUR/JPY back below 116 handle.

While the EUR/USD pair trades largely subdued around 1.1200, failing to provide any help to the cross. Immediate focus now remains on the German factory data and ECB minutes due later today, ahead of key US employment data due on the cards Friday.

EUR/JPY Levels to consider  

The pair has an immediate resistance at 116.25 (five-week highs) and from there to 116.50 (psychological levels) and 117.01 (daily R2) next. On the flip side, next supports are seen at 115.78 (daily pivot) and 115.04 (5-DMA) below which it could extend losses to towards 114.69 (100-DMA).