EURJPY: Resumes Long Term Downtrend, Focus Turns To The 98.00 Level.

EURJPY- Having reversed its Tuesday gains on Wednesday to resume its long term downtrend, EURJPY now looks to weaken further towards its psycho level at 98.00. A cut through here will allow for further declines towards the 96.76 level, its Dec 12’2000 low. Its daily RSI is bearish and pointing lower supporting this view. Conversely, on any corrective recovery the cross will have to convincingly break and hold above the 100.75 level and the 102.52 level, its Dec 21’2011 low to reduce its present downside pressure. This if it occurs will trigger further upside recovery towards its Dec 02’2011 high at 105.69 and possibly further higher. All in all, EURJPY looks to weaken further with eyes on the 98.00 level.