EURJPY- With EURJPY finding it tough to stage a full blown corrective recovery, we are likely to see a return to the 101.02 level. However, if this fails, a recapture of the 100.75 level, its Oct’2011 low could follow with a violation of there resuming its long term downtrend towards the 100.00/99.87 levels, its July’2010 lows. Below here will pave the way for a move further lower towards the 98.00 level. On the other hand, if further corrective offensive is triggered, EURJPY will have to convincingly break and hold above the 102.47 level to clear the way for more strength towards the 104.39 level. Further out, resistance lies at its Dec 02’2011 high at 105.69 and ultimately its Oct 31’2011 high at 111.52 level. All in all, EURJPY faces the possibility of weakening further through the 100.75 level if its present recovery attempts fails.
