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    EUR/JPY slammed below 119.00 on global risk-off trend Haresh Menghani

    The EUR/JPY cross extended its slide further below 119.00 level as the Japanese currency continues to surge on safe-haven demand amid jittery across global financial markets.Currently trading at 118.80, though off session low of 118.50, the cross dropped to its lowest level since Jan. 2013. Earlier during Asian session, the Japanese currency gained support from upbeat Japanese industrial production data. During European trading session, the pair shrugged-off better-than-expected industrial production data from the Euro-zone and extended with its depreciating move for sixth consecutive day.Next in sight remains would be the BoJ monetary policy decision on Thursday, followed by final Euro-zone CPI print for the month of May. However, uncertainty surrounding Brexit referendum might continue to boos safe-haven appeal for the Japanese currency and thus restrict any swift recovery for the EUR/JPY cross.Technical levels to watchExtension of weakening trend below session lows support near 118.50 level is likely to get extended initially towards 117.60-55 (Jan. 24, 2013 low) ahead of 117.00 round figure mark (Jan. 23, 2013 low).On the flip side, recovery above 119.00 important support break-point, turned immediate resistance, could get extended towards 120.00 psychological mark. Daily RSI reading below 30.0 is already pointing towards near-term oversold conditions, but with prevalent global risk-off theme the pair might continue to remain in oversold territory for an extended period of time.


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