Continued bearishness remains intact following the cross's failure at the 102.52 level, its Dec 21'2011 low. This leaves the risk of an eventual return to its Dec 15'2011 low at 101.02 on the cards where a violation if seen will create scope for further declines towards the 100.75 level, representing its Oct'2011 low. A clearance of there will resume its long term downtrend towards the 100.00/99.87 levels, its July'2010 lows with a loss of there extending further downside weakness. 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 102.52 level, its Dec 21'2011 low followed by its Dec 02'2011 high at 105.69 to reverse its medium term bearish tone. This if it occurs will trigger further upside recovery towards its Oct 31'2011 high at 111.52 level and its Aug 29'2011 high at 111.92. All in all, EURJPY faces the possibility of returning to the 101.02 level and beyond.

/