EURJPY: Maintains Recovery Threats With Upside Bias

Though consolidating following its recent upside offensive, EURJPY remains biased to the upside on furthercorrection. As long as the cross continues to hold above the 97.80 level, it looks to resume its upside recovery towards the 99.16 level. A breach will allow for more strength towards the 100.00 level, its psycho level. However, it will have to take out its 101.59 level to signal that a bottom is now in place. Its weekly RSI is bullish and pointing higher supporting this view. The alternative scenario will be for EURJPY to return to the 97.80 level where a break will call for a run at the 95.72 level followed by the 94.91 level. A cut through there will allow for more declines towards the 93.00 level. All in all, EURJPY remains biased to the upside on further correction.