After closing higher at 113.00 on Wednesday, price hesitation is now seen as the cross is presently backing off higher prices. Despite this, its recovery triggered from the 110.77 level remains intact suggesting we could see a run at the 113.99 level. This if seen will open the door for a further move higher towards the 114.93 level, its Nov 22'2010 high followed by the 115.67 level, its range top/Oct 2010 high. On the contrary, the risk to this analysis will be a return below the 110.77 level. This will set the stage for a run at its Jan 17'2011 low at 109.57 level and turn further downside weakness to the 106.82 level, its 2011 low. All in all, EURJPY continues to its bullish tone set from the 110.77 level despite its present price hesitation.

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