On the daily charts, after confirmation of a head and shoulders formation (circled in blue) and the break out extending below the neckline (breakout circled in red) that occurred on the 8th of May; the currency pair could now be attempting a test of 97.81 levels.
The 97.81 levels is the technical target level, extrapolated from 16th April lows (the lows of the neckline). The current move lower is assumed to be equal in depth to the whole move from the highest high to the lows of the neckline.
These target levels were last seen in January. To the downside; below the 97.81 next significant level would be the 2012 lows at 97.03.
With risk aversion likely to tend higher over the issues in the euro zone the should remain pressured lower as the JPY re-establishes its safe haven appeal in times of an unclear economic future.