Though hesitating, as long as EURJPY holds above the 97.80 level, the risk is for it to strengthen further towards the 99.07 level, its July 06'2012 high. This is coming on the back of its bullish corrective recovery tone. A cut through here could bring further upside towards the 100.00 level and possibly higher. Its daily RSI is bullish and pointing higher supporting this view. Alternatively, the risk will be for the cross to return to the 97.80 level where a reversal of roles as support is likely to occur. However, if this level fails, further declines should build up towards the 95.72/94.91 levels. A clearance of here will set the stage for a move lower towards the 94.10 level where a breach will resume its broader weakness towards the 93.00 level. All in all, EURJPY remains biased to the upside on corrective recovery.

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