EUR/USD and EUR/JPY are unlikely to see significant movement on Christmas Day, with Tokyo as the only major market open. EUR/USD has settled near the 1.0400 mark after trading between 1.0384 and 1.0410 yesterday, held in check by resistance from the hourly Ichimoku cloud top at 1.0408 and the 55-hour moving average at 1.0410. Meanwhile, EUR/JPY, last indicated at 163.31, remains within its daily Ichimoku cloud (160.91-163.73), supported by the hourly kijun at 163.24 and the 55-HMA at 163.16.

From a technical standpoint, both pairs show signs of consolidation. EUR/USD faces immediate resistance near 1.0410, with a potential test of lower supports at 1.0384 and 1.0350 if selling pressure intensifies. EUR/JPY remains comfortably supported above 163.24 but lacks the momentum to breach the upper Ichimoku cloud boundary at 163.73. These technical levels underscore the limited scope for directional moves during the holiday period.

Given the seasonal lack of liquidity and the absence of major catalysts, EUR/USD and EUR/JPY are expected to remain range-bound in the Tokyo session. While traders may keep an eye on technical signals for potential breakouts, significant volatility is unlikely until global markets reopen. As such, subdued trading conditions are set to persist, reflecting the holiday-induced calm.