USD/JPY trades at 159.359 after gaining 41 pips from Monday's open, with Tokyo inflation data and US GDP the key tests ahead.
EURUSD opened Monday at 1.16132 and closed Friday at 1.16021, dropping 111 pips or 0.96% across the five sessions. The pair tested 1.16618 early in the week before sellers took control, pushing price down to test 1.15758 on Thursday.
This week shapes up as a technical trading environment with no high-impact economic events on the calendar. Monday brings a particularly thin liquidity setup with US and UK markets closed for holidays while European markets remain open.
The focus shifts to the 1.15758 support tested last Thursday and whether buyers defend it. With no data to break the range, traders will watch if the pair can reclaim 1.16244 or if sellers push toward 1.1550.
If EURUSD holds above the 1.1575 area tested last Thursday, buyers may attempt to reclaim 1.16244, last Wednesday's close. A sustained move above that level would bring the 1.1650 zone back into focus. If selling resumes and price breaks below 1.1575, the psychological 1.1550 level becomes the next obvious downside target.
Current positioning shows a nearly balanced market with 51.6% of traders long and 48.4% short as of Sunday morning. This even split suggests no strong directional conviction heading into the holiday-shortened week, leaving room for either a continuation of last week's decline or a corrective bounce.
Three levels stand out as the week begins. The 1.15758 Thursday low serves as immediate support, followed by the round 1.1550 level just below. On the upside, 1.16244 marks the first resistance, with the 1.1650 area above that representing last week's failed breakout zone. These are reference levels for observing market behavior, not entry signals.
Byline: LHFX Research
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EUR/USD sits at 1.16379 after grinding sideways for three days, with positioning nearly balanced at 51.6% long.
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