EUR/JPY jumps nearly +1.50% as Bremain back in front

The cross in the EUR/JPY staged a solid rebound in the Asian trades this Monday, bolstered by a better risk environment in response to the latest polls that put Remain vote back in the front.

EUR/JPY eyes pre-BOJ highs

The EUR/JPY pair rallies +1.29% to 119, reversing towards pre-BOJ levels. The bulls remain in complete control as persistent risk-on sentiment favours on vote-favouring Bremain, continue to underpin the bids for the euro and therefore, drives EUR/JPY higher.

Further, the risk-on rally across the financial markets diminishes the safe-haven appeal of the yen and thus, aiding the robust recovery in the cross. Meanwhile, markets await the German PPI data due out shortly for fresh impetus amid a data-quiet EUR calendar ahead.

EUR/JPY Levels to consider  

The pair has an immediate resistance at 119.47 (pre-BOJ highs) and from there to 120 (round number). On the flip side, support is seen at 118.30/21 (5-DMA/ Daily low) below which it could extend losses to towards 117.50.