• The single currency remains under pressure following poor Eurozone consumer confidence and mixed PMI data released on Tuesday.
   
• Eurozone consumer confidence for Aug decreased by -0.6 points to -8.5, indicating that Europeans have lost quite some confidence this summer.
   
• Flash euro-zone PMI data also remained mixed and failed to impress euro bulls.
   
• 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 final GDP data, expectations are for an unchanged reading q/q and y/y at 0.4 percent and 3.1 percent respectively.
   
• Miss on expectations could weigh on the pair. 
   
• We would recommend going short on break below 112.80, target 111 levels. Bearish invalidation above 113.50, test of 114.15 then likely.
   
• Violation there could see gains upto 114.66 (50-DMA) and then 116 levels.