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Daily Technical Strategist: EURJPY

EURJPY- With vulnerability to the downside seen and a violation of the 104.74 level, its Oct 26’2011 low occurring on Wednesday, EURJPY now looks to return to its key support at the 102.72 level, its Oct 10’2011 low.The cross has been under bear pressure since tumbling off its Oct’2011 high at 111.52. With continued bearishness seen, below the 102.72 level will extend further downside risk towards the 100.75 level, its Oct’2011 low. Further down, support comes in at the 100.00/99.87 levels, its July’2010 lows. Its daily RSI is bearish and pointing lower suggesting further weakness. Alternatively, EURJPY will have to break and hold above the 106.32 level and its major resistance at 111.52 level (Oct 31’2011 high) to put its present bear threats on hold and trigger further upside recovery towards its Aug 29’2011 high at 111.92. Further out, resistance stands at the 113.00 level. All in all, the cross remains weak and vulnerable to the downside with eyes on the 102.72 level.