05:31 USD/JPY, EUR/JPY: Freshly Bid As Shorts Continue To Cover Tokyo, March 21. Afternoon trading in Tokyo has seen USD/JPY and the JPY crosses trade higher still. USD/JPY is up at 99.70/73, the high of the session, and EUR/JPY at 153.80/85, also the high of the session. Short-covering is seen to be driving these two markets as well as the JPY crosses higher. The crosses may be in the lead, taking their cue from the stock market and the Nikkei now up 1.62%. The end of morning trading saw the index up 1%. USD/JPY players are driving the market through offers noted from 99.50 and especially the 99.65 level. More are seen up to 99.80, around 100 and ahead of 100.20-25. Some stops are seen mixed in now above 100.00 and then above 100.25. Support below was strong at 99.00, the low of the session with Japanese importers good buyers into the Tokyo fix. EUR/JPY looks to be moving more with stocks, having risen from an early low of 153.03. Topside stops are eyed above 153.90 and 154.00, 153.87 the high in New York overnight. More are eyed above 155.00. Next technical resistance is not seen till 155.17, the high in London yesterday.
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