EURJPY: Risk Continues To Point To The 102.52 Level And Beyond

With the cross holding above the 102.19 level and challenging the 102.52 level, its Dec 21'2011 low, further upside offensive looks to continue. Above the 102.52 level will call for a run at its Dec 12'2011 high at 103.86 and possibly higher towards its Dec 02'2011 high at 105.69. Its daily RSI is bullish and pointing higher suggesting further strength. Alternatively, the risk to our analysis will be for the cross to return to the 99.02 level where we could see a reversal of roles as support to occur. However, below here if seen will switch 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 having returned above the 102.19 level.