EUR/JPY sold aggressively with stocks down and euro testing below 1.1200

EUR/JPY has been battered in the U.S. session, down to test the 113.00 level and crashing through the 1hr 200 sma, only to find a bid at 113.00 making for a minor recovery to 113.30 current hourly stick highs.

The European banking sector remains at the forefront of the market's minds that fear  that only a substantial intervention by the German government could prevent  the collapse of the country's largest lender and that would be very problematic to the wider and global market, driving investors to safe havens and Wall Street off a cliff, supporting the bearish case for EUR/JPY as the euro tests below the 1.12 handle.

EUR/JPY levels

With spot trading at 113.32, we can see next resistance ahead at 113.48 (Daily Classic R2), 113.64 (Hourly 20 EMA), 113.73 (Daily 20 SMA), 113.85 (Daily Classic R3) and 114.20 (Daily High). Support below can be found at 113.28 (Weekly High), 113.26 (Weekly Classic PP), 113.21 (Daily Classic R1), 113.20 (Hourly 200 SMA) and 113.13 (Hourly 100 SMA).