With the cross taking its support at its Dec 15'2011 low at 101.02 and another key support located at the 100.75 level, representing its Oct'2011 low, risk of continued bearishness is likely. In such a case, the 100.00/99.87 levels, its psycho level/July'2010 lows will be targeted with a violation of there extending further downside weakness toward its psycho levels at the 99.00 level and the 98.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the other hand, on any corrective offensive, EURJPY will have to convincingly break and hold above the 100.75 level and the 102.52 level, its Dec 21'2011 low to reduce its present downside pressure. This if seen will trigger further upside recovery towards its Dec 02'2011 high at 105.69 and possibly further higher. All in all, EURJPY faces the possibility of weakening further having taken out the 100.75 level.
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