With intra day attempt at following through higher failing at 109.04 and turning EURJPY sharply lower during Thursday trading today, risk of further decline is now building building up towards the 107.84 level. A clean violation of there will trigger further weakness towards the 106.69 level, its May16'2011 low where a break will resume the cross's medium term weakness towards the 104.00 level and then the 102.00 level, all representing its psycho levels. The alternative scenario will be a return above the 110.97 level with a break of there 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 as it looks to weaken further.

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