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    EUR/JPY retreats from tops, back below 119.00

    The single currency is now losing some upside momentum, dragging EUR/JPY to the area of 118.40.EUR/JPY up on Brexit, failed above 119.00The cross is coming down from overnight highs above 119.00 the figure today, with the up move largely propped up by a better tone in the risk-associated space.Latest poll results in the EU-UK Referendum published over the weekend have signaled the ‘Stay’ vote has regained traction, alleviating concerns over the probability of a ‘Brexit’ event.On the data front, Japanese trade balance posted a ¥41 billion deficit during May, down from April’s ¥824 billion surplus.EUR/JPY relevant levelsAt the moment the cross is advancing 0.83% at 118.45 and a break above 119.14 (high Jun20) would expose 120.90 (20-day sma) and finally 122.57 (55-day sma). On the other hand, the next support aligns at 115.50 (2016 low Jun.16) followed by 113.54 (monthly low January 2013) and then 105.93 (monthly low December 2012).


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