EURJPY: Violates The 97.80 Level, Eyes Further Upside.

With further corrective recovery seeing the cross climb back above the 97.80 level, the risk is for more upside risk to develop. Further upside should build up towards the 98.31 level where a breach will target the 99.07 level. A cut through here could bring further upside towards the 100.00 level. Its daily RSI is bearish and pointing higher supporting this view. Alternatively, the broader risk will be for the cross to return towards the 95.72/94.91 levels. A clearance of here will set the stage for a move lower towards the 94.10 level where a breach will resume its broader weakness towards the 93.00 level. Below here will pave the way for a move lower towards the 92.00 level.. All in all, EURJPY remains vulnerable medium term though currently facing corrective recovery threats.

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