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The EUR/JPY pair had a fairly quiet session on Monday as the markets simply didn't move much. There was a bank holiday in England during the session, and as such a lot of liquidity simply wasn't there. This pair currently sits above the 98 handle, which looks supportive so shorting at this juncture is going to be difficult. However, to the upside we see a lot of noise and resistance all the way to the 101 handle. So in other words, this is a pair that we simply are not trading right now.
We do favor the downside as far as the Euro is concerned, and would begin selling on a break below the 97 handle. Also of interest would be a rally that shows weakness above, especially at the 100 handle. As for buying, we would have to be well above the 101 handle to even consider it.