EURJPY- With a reversal of its previous week losses seen the past week, the cross is likely to follow through higher on the back of its past week gains in the new week. This development now leaves EUYRJPY targeting its Dec 12’2011 high at 103.86 and then its Dec 02’2011 high at 105.69. Its weekly RSI is bullish and pointing higher suggesting further strength. Alternatively, the risk to our analysis will be a return to the 99.23/84 levels where we could see a respite. However, below here if it materializes will turn attention to the 97.02/00 levels where a breach will resume its broader downtrend towards the 96.76 level, its Dec 12’2000 low. Further down, support stands at the 96.00 level, its psycho level. All in all, EURJPY faces further corrective recovery risk as it continues to maintain its nearer term uptrend.
