EUR/JPY: Brexit fears ignite the downside - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair surged up to 124.18 this Tuesday, its highest in three weeks, but reversed course in the American afternoon, as stocks plummeted and a Brexit poll showed the "leave" vote ahead, spurring risk aversion across the board. 

Key Quotes:

"Now trading in the red, the sharp intraday decline has put the pair in risk of a downward move, given that in the 1 hour chart, is now barely holding above the 100 and 200 SMAs, whilst the technical indicators head south within bearish territory, indicating the pair may extend its decline, particularly on a downward extension below 123.00. 

In the 4 hours chart, the price is back below its moving averages, whilst the Momentum indicator is flat above its 100 line, and the RSI indicator heads lower around 50, in line with the shorter term view."