FxWirePro: EUR/JPY edges lower from session highs at 114.74, intarday bias neutral

EUR/JPY has edged lower from session highs at 114.74, but is holding above 5-DMA at 113.87.
Poor Chinese data and deteriorating investors’ sentiment likely to keep demand for the Yen intact.
Data released earlier showed China Caixin Manufacturing PMI stood at 48.6 vs. 49.2 expected and 49.2 last.
Data from Japan were better than expected. Japan Nikkei manufacturing PMI climbed from previous 47.8 to 48.1 in June.
Japan May CPI came in at -0.4 % y/y versus -0.5% expected, while the BOJ Q2 Tankan Large Manufacturing Index: came in stronger at 6 versus 4 expected.
Our previous call (http://www.econotimes.com/FxWirePro-EUR-JPY-struggles-at-114-handle-bias-lower-229620) has hit TP1&2.
The pair hit lows of 113.33 on Thursday before recovering to close in the green at 114.57.
We see scope for downside in the pair. Break below 5-DMA at 113.87 could see downside upto 111.50.
On the flipside, break above 114.80 finds next resistance at 115 and then 115.67 (10-DMA).
Technical indicators are not conclusive, intraday bias is neutral, no trade advised.

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