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07:18 EUR/JPY: Edges Back Up Above 156.00 But Still Fragile, Stks-USD Tokyo, March 13. EUR/JPY has managed to trade back up above 156.00, if only barely. The cross currently trades 156.05/08. It fell from an early high of 158.16 to as low as 155.54 this afternoon in tandem with USD/JPY. A relatively bid EUR/USD provided some support but, given stock market weakness and the plunge in USD/JPY, this support was not enough. To wit, sell-side flows in EUR/JPY look to have helped cap EUR/USD at 1.5587 in Asia, still a fresh record high.
EUR/JPY is likely to continue to trade lock-step with USD/JPY, especially should USD/JPY see another leg down below 100.00. And this could come as soon as tonight given current momentum and the speed of the move down after breaking below key support at 101.30-40. EUR/JPY continues to see good support at the 155.50-60 level, a double bottom now along with the 155.59 spike low seen on Tuesday. A break below this level targets moves towards the 154.00 level, lows seen on February 7.