EUR/JPY attempts a tepid recovery back to 113.00 neighborhood

Strong bid tone surrounding the shared currency helped the EUR/JPY cross to recover from session low at 112.68 and move back close to 113.00 handle, trading absolutely flat from Friday's closing level.

Despite of the it’s recovery, the pair is still around 100-pips below Friday's swing high resistance near 114.00 region. 

Moreover, the has failed to benefit from weaker-than-expected Japanese GDP print for the second-quarter of 2016 and the recovery has been tepid to remained capped at 10-day SMA immediate resistance near 113.15 region.

How strong has the move been?

EUR/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish. RSI is in neutral territory at 62.89, up from it’s last hourly close at 39.18, while ADX is ranging above 30 at 25.73, down from 29.15 at the last hourly close.

Looking to a daily chart, we see that RSI is neutral at 41.22. The 200 SMA is currently at 113.27, up from 113.14 at the last period close, and climbing on the hourly EUR/JPY chart. Moving with a downward trend, the exponential average closing price is 114.23.

Price levels to be considered

Immediate resistance ahead is seen at 113.14 (Hourly 200 SMA), 113.23 (Hourly 100 SMA), 113.25 (Daily High), 113.25 (Weekly Classic PP) and 113.26 (Daily Classic PP). Next support to the downside can be found at 113.00 (Weekly Low), 112.99 (Daily Open), 112.73 (Yesterday's Low) and 112.68 (Monthly Low).