EURJPY- The cross continues to hold on to its short term bullish offensive as it looks to target the 111.52 level, its Oct 31’2011 high. A breather may occur here and then turn it back down probably on a correction. However, if this fails to materialize, additional strength is expected towards the 112.34 level with a violation of there extending further gains towards the 113.00 and then the 114.14 level, its July 31’2011 high. Alternatively, on any pullbacks, its immediate support lies at the 109.87 level where a breach will aim at its Mar 06’2012 low at 105.63. A respite may occur here and later turn the pair higher. On the other hand, if this fails, further declines will shape up towards the 104.49 level, its Dec 09’2011 high and next the 103.27 level. All in all, EURJPY continues to hold on to its broader uptrend.
