USD/JPY: consolidated on quiet Tokyo start despite pending Brexit/Bremain outcome

USD/JPY is undecided at the open although slightly positive by a number of pips into 104.70's while risk mood is anchored towards being positive also due to the Brexit polls favouring the remain camp currently. 

Asia has opened slightly higher on that basis. However, USD/JPY has been relatively lively overnight, with a strong rally from the midway point of the 104 handle and spiked towards the 105.00 on the recent polls that show the remain campaign leading.

The latest polls were in from YouGov (online): Remain 51% and Leave 49% and ComRes (phone): Remain 48% and Leave 42% - USD/JPY made a high of 104.97, but fell back to 104.66.

Brexit trade: a look beyond sterling and get back to basics

USD/JPY levels

USD/JPY remains in a consolidation phase having falling below the 105 psychological handle last week. We have 105.50 as first key resistance ahead of 106.00 and 107.90 on the wide. To the downside, 101.50/80 could be a key area of support as the 50% retracement of the move 2011 to 2015.