EUR/JPY around 112.20 on ‘Brexit’ win

After bottoming out in the mid-109.00s, EUR/JPY managed to gather some traction and is now hovering over the 112.20/25  band.

EUR/JPY in more than 3-year lows

The cross is navigating levels last seen in December 2012 following the ‘Brexit’ victory at the UK Referendum, while market participants are now waiting for an official statement by PM J.Cameron.

With risk aversion gathering pace in the global markets, the demand for the safe haven JPY remains solid, keeping the cross under pressure and vigilant on the developments from the recent UK vote.

EUR/JPY relevant levels

At the moment the cross is losing 7.25% at 112.25 facing the next support at 109.54 (low Jun.24) followed by 105.93 (monthly low December 2012) and then 100.28 (monthly low November 2012). On the other hand, a breakout of 119.85 (20-day sma) would expose 122.01 (high Jun.23) and then 123.81 (100-day sma).