On the upside, above 1.3785, the pair might find resistance at 1.3825 (Feb 3 high) and 1.3860 (Feb 2 high). On the downside, support levels lie at 1.3700/20 (Day low/Feb 21/22 highs), below here, 1.3680, and then, 1.3235 (intra-day levels).
EUR/JPY retreat from 113.80 high on Wednesday, extended to 112.20 -Feb 22 low- at European session opening, where the pair found support, to pick up, reaching 112.95 at the moment of writing.
Even though the most active crude contract for April delivery briefly touched the $100.00 mark yesterday, the future today jumped a fresh $4.00 to hit a 29-month high of $103.41 a barrel before consolidating around $101.00 by time of writing.
The market now fears prolonged unrest in Libya, as escalating violence appears to put the country on the brink of civil war. Oil companies have further cut production as they scramble to evacuate foreign workers by any means possible, putting more pressure on other OPEC members including Saudia Arabia to make up for supply shortfalls.
Traders today will continue to have a close on the seemingly deteriorating situation in Libya, as well as the budding protests in other oil-rich countries within the Middle East. What´s more, focus will be on the EIA´s weekly inventories report to be released later today