Mizuho Corporate Bank

EUR
Comment: Consolidating below the all-time high at 1.3853 yet giving up very little room. We would prefer to see more work below here this month but pressure to sell theUS dollar against anything whatsoever is mounting. The Euro is not overbought and momentum is only just positive.

Strategy: Attempt small longs at 1.3780; stop below 1.3745. Target 1.3840.

EUR/JPY
Comment: Yesterday’s close at 164.00 suggests an interim low is in place and we are now due a short-squeeze. Expect a move towards 164.75 today and probably no higher than 166.00 this week.

Strategy: Attempt longs at 163.50 adding to 162.50; stop/reverse below 162.00 for 161.00 and probably 160.65. Cover longs ahead of 166.00.

GBP
Comment: Pulling back sharply from a high at 2.0495 yesterday suggesting we shall hold below here this week. We shall continue to favour consolidation between here and 2.0300 today followed by a dip to 2.0200 and no lower than 2.0000 later this month.

Strategy: Attempt small shorts at 2.0320/2.0380; stop above 2.0500. Short term target 2.0100, maybe 2.0100.

JPY
Comment: It would appear that we have probably formed an interim low yesterday. The outlook is very mixed and we shall allow for large intra-day price swings around current levels.

Strategy: Attempt small longs at 118.50, adding to 118.00; stop below 117.15. Cover longs at 119.00 and look to establish small shorts between here and 119.50; stop above 119.95.