EURJPY- With the cross bullish and threatening further upside, the risk is for more gain to occur. This could target the 106.53 level, its May 02’2012 high where a break will aim at the 107.99 level. Its daily RSI is bullish and pointing higher supporting this view. On the other hand, support comes in at the 104.58 level. A reversal of roles as support is likely to turn the cross higher but if that fails to occur, further declines could build up towards 103.13 level. Further down, support stands at the 102.00 level. All in all, the cross has triggered a strong rally suggesting further upside.
