Mizuho Corporate Bank

EUR
Comment: Still stuck in the middle of the Ichimoku ‘cloud’. This is seen as a market that is preparing for a sharp rally early this month where a re-test of the all-time high at 1.3853 is very likely.

Strategy: Attempt longs at 1.3575; stop well below 1.3550. Short term target 1.3685/1.3700 then 1.3850.

EUR/JPY
Comment: Holding slightly nervously at current levels. A break higher this week is a very real possibility and targets 161.00 at least and possibly all the way back up to 164.00/165.00.

Strategy: Attempt longs at 157.20/157.00; 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: Rather boring as we struggle under 2.0200. All dips are seen as long term buying opportunities for a move higher late this year.

Strategy: Attempt longs at 2.0095, adding to 2.0000; stop well below 1.9925. Cover longs ahead of 2.0400.

JPY
Comment: Unfortunately we have nothing to add yet again as we consolidate in a ‘triangle’ formation. If we can hold above 115.00 today we continue to feel prices should move on up to 117.00 this week.

Strategy: Attempt small longs at 115.85 adding to 115.25; stop/reverse below 115.00 for 114.25. Cover longs ahead of 117.00.