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EURJPY: Bullish Momentum Breaks The 119.11 Level.

EURJPY- With the cross now trading above the 119.11 level, its .618. Fib Ret (127.90-105.39 declines), risk of further strength is likely in the days ahead. However, a respite may be seen above the 119.11 level but if that fails, further strength should shape up towards its May 09’2010 high at 122.27 and possibly higher. Its daily studies are bullish and pointing higher supporting this view. On any pullback, EURJPY will aim at the 119.11 level and its Mar 04’2011 high at 115.98 where a reversal of roles as support is expected to turn it back up again. Further down, support stands at the 113.45 level, its Mar 16’2011 high followed by the 110.80 level.

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