Despite its present attempt at recovering, it continues to hold on to its long term downtrend. This leaves the risk of a return to the 97.27/00 levels where a break will call for a move further lower towards the 96.76 level, its Dec 12'2000 low. Further down, support stands at the 96.00 level, its psycho level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, on any corrective recovery, the cross will have to convincingly break and hold above the 100.75 level to reduce its present bear threats and then target the 102.52 level, its Dec 21'2011 low. This if broken will trigger further upside gains towards its Dec 02'2011 high at 105.69. All in all, EURJPY looks to weaken further with eyes on the 97.27/00 levels.
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