With a reversal of its recent corrective recovery seen, EURJPY is now looking to break and hold below its 2011 low at 103.91 level. On a breach of here, the 103.00 level, its psycho level will be targeted with a violation of that level setting the stage for a push lower towards the 102.00 level, representing its psycho level. Its daily RSI is bearish and pointing lower suggesting further weakness. The alternative view will be a return above the 110.97 level with a break of here targeting the 111.92 level ahead of the 114.71 level and then its July 11'2011 high at 115.00. All in all, the cross continues to maintain its bearish medium term downtrend.

/