EURJPY: Downside Risk Still Seen.

EURJPY- Having cleared the 118.50 level and tested the 116.46 level, its April 18'2011 low to close at 116.78 on Thursday, risk of further weakness remains. Despite its present attempt on the upside, the above view remains the same. Below the 116.46 level will call for more weakness towards its Mar 04'2011 high at 115.98 where a reversal of roles as support is expected to occur and turn the cross higher. Further down, support comes in at the 113.55 level. Its daily studies are bearish supporting its present price action. However, to annul its present weakness the cross will have to climb above the 121.79 level, its April 28'2011 high and 123.29 level, its 2011 high. Further out, resistance is seen at the 124.00 level followed by the 125.43 level, its Jan 05'2010 high and possibly the 126.00 level, its psycho level.

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