Price extension is now underway as the cross has strengthened through its daily 200 ema at 113.21 in early trading today. This development leaves EURJPY targeting the 114.93 level, its Nov 22'2010 high followed by the 115.67 level, its range top/Oct 2010 high. On the downside, support starts at the 112.18 level with a breach targeting the 110.20 level followed by 109.95 level. We expect a reversal of roles to occur there (109.95) and turn EURJPY higher. Further down, support lies at the 106.82 level, its 2011 low and then its 2010 low at 105.41. All in all, EURJPY remains biased to the upside nearer term as it looks to return above the 115.67 Level.