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    EUR/JPY extends the upside to 118.50

    The prevailing risk-on scenario keeps weighing on the demand for the Japanese safe haven, helping EUR/JPY to advance to the mid-118.00s.EUR/JPY attention to UK referendumThe cross is advancing for the fifth straight session so far, prolonging the rebound from recent lows in the 115.40 area recorded last week.Softer-than-expected prints from euro zone PMIs have passed largely unnoticed today, as market participants remain focused on the outcome of the EU-UK Referendum, expected to yield its first results early on Friday.In japan, advanced manufacturing PMI for the month of June has missed forecasts at 47.8, up from May’s 47.7 however.EUR/JPY relevant levelsAt the moment the cross is advancing 0.50% at 118.57 facing the next hurdle at 119.19 (high Jun.20) followed by 120.37 (20-day sma) and finally 122.33 (55-day sma). On the other hand, a breach of 115.46 (2016 low Jun.16) would expose 113.54 (monthly low January 2013) and then 105.93 (monthly low December 2012).

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