• The single currency remains under pressure ahead of German Ifo business climate data.
   
• EUR/JPY is extending narrow rangebound trade within a symmetric triangle pattern.
   
• 114.15 and 112.80 are pivotal points, breakout on either side could provide clear direction.
   
• Longer term trend remains lower, price action is below major moving averages and RSI remains below 50 level.
   
• Market focus now on the German Ifo business climate data, expectations are for an improvement in August. Miss on expectations could weigh on the pair. 
   
• We would recommend going short on break below 112.80, target 111 levels. 
   
• Bearish invalidation on close above 113.50, test of 114.15 then likely. Violation there could see gains upto 114.66 (50-DMA) and then 116 levels.