EURJPY: Vulnerable Below The 97.31 Level

EURJPY- While the 97.31 level, its recovery high remains as resistance, the risk is for the cross to face downside pressure with eyes on the 94.10 level. A violation of there will resume its broader weakness targeting the 93.00 level with a break paving the way for a move lower towards the 92.00 level. The alternative scenario will be for EURJPY to return above the 97.31 level. If this occurs, further upside should build up towards the 97.86 level and then the 98.31 level where a cap is likely to occur. All in all, EURJPY remains vulnerable medium term while trading below the 97.31 level.