Mizuho Corporate Bank

EUR
Comment: Pushing up towards the all-time high at 1.3853 as the US dollar slips against just about everything. Expect cautious upside probing today.

Strategy: Attempt longs on a dip to 1.3720, adding to 1.3675; stop below 1.3550. Short term target 1.3800 then 1.3850.

EUR/JPY
Comment: Clinging on a current levels in a holding pattern and looking for direction. Very inconclusive.

Strategy: Attempt longs at 156.00; stop below 154.50. Cover longs ahead of 159.00 but be ready to re-buy on a sustained break above 159.75 for 161.00 short term and maybe 164.00.

GBP
Comment: Pushing up into the Ichimoku ‘cloud’. Expect consolidation in here today.

Strategy: Attempt longs on a dip to 2.0235, adding to 2.0150; stop well below 2.0000. Cover longs ahead of 2.0400.

JPY
Comment: The lowest weekly close since June 2006 underlines general US dollar weakness. Expect prices to try and hold between 112.00 and 114.50 this week. At-the-money implied volatility should remain high and possibly increase a bit further.

Strategy: Possibly attempt tiny longs at 113.00; stop/reverse below 112.50 for 111.60. Cover longs ahead of 114.50.