EURJPY- Having closed lower for the week and remaining vulnerable to the downside, EURJPY now looks to extend that weakness. In such a case, the 94.91 level will come in as the next downside target with a cut through there allowing for more declines towards the 93.00 level. A break of here will pave the way for a move lower towards the 92.00 level. Its weekly RSI is bearish and pointing lower supporting this view. Alternatively, the cross will have to return above the 97.80 level to resume its corrective recovery now on hold. This will set the stage for a run at the 98.12 level where it will find it tough to break. But if it succeeds in breaching this level further upside should build up towards the 100.00 level and then the 101.59 level. All in all, EURJPY remains vulnerable in the medium term.
