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Short

EUR/JPY bias lower, sell rallies, target 113.50

FX:EURJPY   Euro Fx/Japanese Yen
169 0 5
EUR/JPY             trades a narrow range in the Asian session with a high of 114.58 and a low of 113.97.

Market turns slightly more risk averse in Asia which could boost demand for the Yen, while Brexit outcome has damaged the single currency's outlook.

Markets await declarations from the Conservative leadership ahead of the Thursday deadline, investors wary, another boost for the Yen.

Hourly charts show downside for the pair, break below 114 could see downside upto 113.52 levels.

Technical indicators on hourlies are biased lower, Stochs and RSI point south and the pair has slipped below H 5-SMA.

Next support below 114 is seen at 113.70 (rising trendline) ahead of 113.52 (lower Bollinger Band ) and then 112.94 (June 29th low).

Good to sell rallies around 114.15/20, SL: 114.60, TP: 113.70/ 113.50/113
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