EUR/JPY staggers but regains its footing, glued to 130.50

• Euro dips against the yen, but recovers and leaves Monday's early session flat.
• Low-tier Europe data on the calendar for today.

The EUR/JPY is trading flat for Monday, sticking close to 130.50.

The pair kicked off Monday's Asia session with a dip into 130.20, but the pair has quickly recovered to the week's open. Movement is restrained for the pair as Asia markets are wrapped up in the US-China trade war, and equities are pulled tight after the last two-day negotiation ended with little resolved last week.

The upcoming European session sees German Factory Orders at 06:00 GMT, Swiss CPI at 07:15, and the European Sentix Confidence Survey at 08:30, but the macro figures are collectively low-impact, and the session will be driven heavily by market sentiment heading into the new week.

EUR/JPY Levels to watch

Analysts at Commerzbank explained that EUR/JPY remains on the defensive and has eroded the base of the cloud, currently at 130.54: "Below the 130.54 cloud lies the 130.00/129.90 78.6% retracement. In this vicinity we also find the 55 and 200-week moving averages."

"This is the last defence for the 128.96 level. We have conflicting analysis and no strong bias at this juncture. Our suspicion is that it is on the defensive but the downside is now limited. Should this hold the downside we will allow for recovery once more and a retest of the 133.48 recent April high."