TenkoFX - Analytics

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    EUR/JPY turns positive near 111.50

    The renewed bid tone around the single currency is helping EUR/JPY to extend the bounce off session lows near 111.00 the figure to the current mid-111.00s.EUR/JPY looks to revert the weekly dropThe cross is so far posting gains for the first time after three consecutive pullbacks, shedding more than three cents since recent tops in the boundaries of 115.00 the figure.Risk aversion stemming from the ‘Brexit’ fallout remains the exclusive driver behind the broader bearish move, while market participants continue to digest the event and its potential implications.EUR/JPY relevant levelsAt the moment the cross is up 0.03% at 111.52 facing the next hurdle at 114.86 (high Jul.1) ahead of 115.63 (20-day sma) and finally 120.29 (55-day sma). On the flip side, a breach of 109.47 (post-Brexit low Jun.24) would expose 105.93 (monthly low December 2012) and then 100.28 (monthly low November 2012).


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