EURJPY: Maintains Below Range Bottom.

EURJPY- The cross has pushed below its range bottom at the 98.31 level, suggesting further declines. This now leaves the risk of a return to the 97.03 level on the cards. Further down, its Jun’2012 low at 95.58 level comes in as the next support with a cut through here resuming its broader bearishness towards the 95.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, to prevent its present declines, EURJPY will have to return above the 101.59 level to trigger its upside recovery. This will create scope for a run at the 102.11 level with a break through there allowing for more upside towards the 103.92 level. All in all, EURJPY remains vulnerable to the downside.