EUR/JPY holds major support at 112.34, short break below

FX:EURJPY   Euro / Japanese Yen
160 1 10
Strong yen drags EUR/JPY             lower, pair hits fresh 10-day low of 112.36.

The pair is attempting a minor recovery from session lows, but bias lower.

Markets await German ZEW business sentiment index, expectations are for a sharp rebound in July.

The headlines number is expected to rebound to 2.1 versus a sharp -6.8 percent drop seen in June.

Any miss in data could weigh heavily on the pair, drag till 111 levels then likely. Upbeat numbers could provide good entry for shorts.

Bearish invalidation only above 50-DMA at 115.47, break above could take the pair to 115.47.

Pair is holding strong trendline support at 112.34, break below will find next major support at 112.30 (Aug 5th low).

Go short on break below 112.30, SL: 113, TP: 111.90/ 111.40/ 111
Thank you Sir, i have read a lot of arguments for long on this pair but i like your reasoning the best. Thank you
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