EURJPY: Hesitating But Still Biased To Upside On Correction

EURJPY: Hesitating But Still Biased To Upside On Correction

EURJPY- While the cross continues to hold above the 104.95 level, its Sept 27’2011 high, risk remains higher towards its Monday high at 107.67 level. A convincing violation of here will resume its corrective recovery and target further upside towards the 107.99 level, its Sept 09’2011 high and then the 109.95 level, its Sept 06’2011 high. Alternatively, a turn lower will bring further declines towards the 104.95 level, its Sept 27’2011 high. A reversal of roles is likely at this level with a loss of here opening the door for a move further lower towards the 102.72 level. Further support lies at the 100.75 level, its Oct’2011 low and subsequently the 100.00/99.87 levels, its July’2010 lows. All in all, though hesitating, EURJPY still maintains its corrective upside risk.