EUR/JPY retreats from highs, near 117.30

The selling mood around the Japanese yen is allowing EUR/JPY to reclaim ground lost on Tuesday and advance above the 117.00 handle.

EUR/JPY upside capped near 117.50

The cross navigates a narrow range so far today, bolstered by the offered bias surrounding the Japanese safe haven.

In fact, rumours of extra easing by the BoJ at its meeting later in the month keep gathering pace amongst traders and have been behind the JPY decline in recent sessions.

EUR/JPY relevant levels

At the moment the cross is up 0.32% at 117.32 facing the immediate hurdle at 118.42 (high Jul.15) followed by 119.19 (55-day sma) and finally 122.11 (high Jun.24). On the other hand, a breach of 114.81 (20-day sma) would open the door to 110.54 (low Jul.8) and then 109.47 (post-Brexit low Jun.24).