EURJPY-With continued weakness seeing EURJPY breaking the 97.02 level, its Jan 16’2012 low, the risk of further declines continues to be seen. This is coming on the back of a cut through another support at the 99.23 level on Wednesday. This development has now left the cross targeting the 96.20/00 levels where a violation will pave the way for a run at the 95.00 level, its psycho level. Its daily RSI is bearish and pointing lower suggesting further declines. The alternative scenario will be for the cross to return to the 97.02/ 99.23 levels thus triggering further recovery higher. This could expose the 100.00 level and then the 102.11 level with a cut through there allowing for more upside towards the 103.92 level. All in all, EURJPY continues to hold on to its broader downside vulnerability
