EUR-JPY Pointing Higher

The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

NEW YORK (fxtechstrategy.com) -- With the EUR-JPY cross holding above the 102.19 level and challenging the Dec. 21 low of 102.52, further upside looks likely.

A move above the 102.52 level will call for a run at its Dec. 12 high of 103.86 and possibly higher, toward its Dec. 2 high of 105.69. Its daily RSI is bullish and pointing higher suggesting further strength.

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Alternatively, the risk to our analysis will be for the cross to return to the 99.02 level where we could see a reversal of roles as support to occur. However, below here will switch attention to the 97.02 area where a breach will resume its broader downtrend toward the Dec. 12, 2000 low of 96.76.

Further down, psychological support stands at the 96.00 level.

All in all, EURJPY faces further corrective recovery risk having returned above the 102.19 level.

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