EUR/JPY bounces off 111.50, regains 112.00 and above

After briefly dropping to the mid-111.00s, EUR/JPY has managed to regain traction and is now testing the 112.10.15 band, albeit still in red figures.

EUR/JPY up on JPY buying

The renewed buying interest around the Japanese Yen has dragged the cross lower today against the backdrop of choppy trade and lack of clear direction in the broader risk trends.

Nothing worth mentioning data wise, while the main driver for global sentiment continues to be the potential consequences from the Brexit fallout.

Additionally, market chatter has resumed its pace regarding the likeliness of either FX intervention by the BoJ in case of JPY appreciation or further stimulus likely to be announced at the July meeting.

EUR/JPY relevant levels

At the moment the cross is down 0.35% at 112.08 facing the next support at 109.47 (low Jun.24) ahead of 105.93 (monthly low December 2012) and then 100.28 (monthly low November 2012). On the flip side, a break above 114.86 (high Jul.1) would expose 115.46 (low Jun.16) and finally 116.09 (20-day sma).