Seasonally adjusted sales fell -4.2% (MoM) in September to a w.d.a. annualized drop to -5.4%. Seasonally adjusted industrial orders in Italy fell -4.0% (MoM), extending the annualized decline to -12.8%. In Spain, bank bad loans were 10.7% in September, up from 10.5% in the prior month.
The highs at 103.90 are working as resistance and the cross seems unable to surpass it. “The 104.59/82 region represents key resistance (October high and the 61.8% Fibonacci retracement). It is the break up point to the 2009-2012 resistance line at 106.57”, wrote Commerzbank analyst Axel Rudolph, expecting support at 102.80 to hold the EUR/JPY.