05:57 EUR/JPY: Clawing Way Higher, Back Above 159.00 Tokyo, February 29. Short-covering by intra-day players looks to be responsible for the EUR/JPY move back above 159.00 this afternoon. The cross currently trades 159.12/14. From an early high of 160.12, the cross crashed to 158.66 on the back of long liquidation and risk aversion. Profit-taking on long EUR/USD positions helped push the cross down this morning. Sell side flows look to have abated with short-term players closing up shop for the weekend. The situation is still touch and go however with USD/JPY still precariously poised just above option barriers at 104.50 and the USD bias still down. Another push lower in USD/JPY could help the cross lower though a more steady EUR/USD should prove supportive. Technical support in the cross is eyed towards the early lows and then around 158.00 where a number of supports are clumped including the base of the Ichimoku cloud at 158.00, the kijun line at 157.74 and daily lows from the 22nd and 20th. Some resistance is seen at the top of the Ichimoku cloud at 159.42 and then at 159.57, the tenkan line. EUR/JPY crossed below both of these levels early today.
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