Having wiped out its two-week gains to close lower the past week, further bear risk is now building up towards the 108.01 level. With EURJPY bearish in the medium term, an eventual break of the mentioned level will call for a run at the 106.69 level, its Mar 16'2011 low. Below here will set the stage for more weakness towards the 105.39 level, its 2011 low and then the 103.00 level, representing its psycho level. Its weekly RSI is bearish and pointing lower suggesting further declines. Alternatively, EURJPY will have to return above the 114.14 level to end its medium term bear threats and create further upside scope towards its July 11'2011 high at 114.72 ahead of the 117.90 level and subsequently its April 26'2011 low at 118.50. EURJPY: Setting Up For A Return To The 108.01 Level (Weekly Technical Strategist).

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