Mizuho Corporate Bank

EUR
Comment: Consolidating inside the Ichimoku ‘cloud’ and we shall allow for more work below 1.3700 again today and maybe until the end of the week.

Strategy: Attempt small longs at 1.3580; stop well below 1.3550. Short term target 1.3685 then 1.3850.

EUR/JPY
Comment: Dropping to 154.50 as expected and prices should try and stabilise between here and 153.30 this morning. Then we expect a rally to 159.00.

Strategy: Attempt small longs at 155.00, adding to 154.50; stop below 153.30. Cover longs ahead of 159.00.

GBP
Comment: Retreating from the bottom of the Ichimoku ‘cloud’ and we shall allow for many random moves either side of 2.0000 for the next few weeks. All dips are seen as long term buying opportunities for a move higher late this year.

Strategy: Attempt longs at 2.0000/1.9950; stop well below 1.9925. Cover longs ahead of 2.0200.

JPY
Comment: Dipping to 114.00 as expected but note this is well within normal retracement parameters. Expect prices to try and stabilise here this morning followed by a rally to 117.00 late this week/next week.

Strategy: Attempt small longs at 114.25/114.00; stop/reverse below 113.60 for 112.00. Cover longs ahead of 117.00.