EURJPY- Our outlook on EURJPY remains lower as it continues to weaken and targeting further declines. This suggests further price extension could see EURJPY targeting the 100.00 level , its psycho level. A turn below here will set the stage for more weakness towards the 99.23 level where a violation will call for a run at the 98.54 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, the cross will have to break and hold above the 104.60 level to reverse its bear threats and bring further recovery towards the 106.23 level where a breach will aim at the 107.99 level. Further out, resistance resides at the 111.42/52 levels. Above here if seen will resume its broader medium term uptrend towards the 112.34 level. All in all, EURJPY continues to hold on to its downside vulnerability.
