EURJPY-Our outlook on EURJPY remains to the downside with a further move lower towards the 102.72 level envisaged. This is coming on the back of its follow through lower during Thursday trading session. A decisive clearance of there will call for a run at its key support at the 100.75 level, its Oct’2011 low. Further down, support lies at the 100.00/99.87 levels, its July’2010 lows. Its weekly RSI is bearish and pointing lower supporting this view. Alternatively, EURJPY will have to convincingly break and hold above its Oct 31’2011 high at 111.52 level to reverse its present bearishness and trigger its upside recovery towards its Aug 29’2011 high at 111.92 and possibly higher towards the 113.00 level. All in all, EURJPY faces the possibility of weakening further in the new week on the back of its past week losses.
