EURJPY-Further price extension is likely having continued to hold on to its recovery tone. With the cross now holding above the 99.23 level, the risk is for it target the 100.00 level where price hesitation is expected to occur and possibly turn the cross lower. However, if this fails to materialize, further recovery could develop towards the 102.11 level with a cut through there allowing for more upside towards the 103.92 level. Its daily RSI is bullish and pointing higher. The alternative scenario will be for the cross to return to its Jun’2012 low at 95.58 level. This if seen it will resume its broader bearishness towards the 95.00 level and then the 94.00 level. All in all, EURJPY continues to extend its recovery initiated from the 95.58 level.
