Outlook for EURJPY remains lower as we look for it to head back towards our minimum downside target at the 104.74 level, its Oct 26'2011 low.This level was tested and held on Thursday but a decisive break is required to open the door for a move further lower towards the 102.72 level. Further down, support lies at the 100.75 level, its Oct'2011 low and subsequently the 100.00/99.87 levels, its July'2010 lows. Its daily RSI is bearish and pointing lower supporting this view. Alternatively, EURJPY will have to convincingly break and hold above its Oct 31'2011 high at 111.52 level to put its present bear threats on hold and trigger its upside recovery towards its Aug 29'2011 high at 111.92 and possibly higher towards the 113.00 level. All in all, EURJPY remains weak and vulnerable to the downside.

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