EUR/JPY bounces-off 10-DMA support but lacks momentum

After initially dipping to 10-day SMA support, the EUR/JPY cross has managed to recover its lost ground to currently trade around mid-113.00s.

Today's releases of the flash version of PMI prints from the Euro-zone failed to provide fresh impetus and the cross continued with its struggle for a firm near-term direction and remained confined in a tight range.

The pair has even failed to benefit from recent dovish comments from BOJ Governor Haruhiko Kuroda that a further cut to already negative interest-rates could be on its way. 

The downslide, however, has been restricted as a broadly weaker greenback is seen extending support to the EUR/USD major. 

Technical levels to watch

From current levels, any further recovery momentum is likely to confront immediate resistance near 114.00 mark (Monday's high), above which the up-move seems to get extended towards 114.75-80 zone. Conversely, sustained weakness below 10-day SMA support near 113.30 region is likely to drag the pair below 113.00 round figure mark, towards testing 112.65-60 support area and eventually towards multi-week lows support near 112.30 level.