Mizuho Corporate Bank

EUR
Comment: Still very boring but yesterday’s close above the Ichimoku ‘cloud’, and the highest since the 10th August, might inject some much needed bullish momentum.

Strategy: Attempt longs at 1.3675, adding to 1.3555; stop well below 1.3550. Short term target 1.3685/1.3700 then 1.3850.

EUR/JPY
Comment: Same as it ever was, in a tiny range. We continue to favour a break higher this week but are giving up the will to live.

Strategy: Attempt longs at 157.35/157.00; 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: Much the same but yesterday’s close was the highest since the 10th August and might just add a little upside pressure. All dips are seen as long term buying opportunities for a move higher late this year.

Strategy: Strategy remains unchanged: attempt longs on a dip to 2.0140, adding to 2.0050; stop well below 1.9925. Cover longs ahead of 2.0400.

JPY
Comment: A whole week wasted consolidating in a ‘triangle’ formation here, in the Yen crosses, and equity indices. A holding pattern that will hopefully be resolved today. If we can hold above 115.00 for the rest of the day we continue to feel prices should move on up to 117.00 - eventually.

Strategy: Attempt small longs at 115.20; stop/reverse below 114.80 for 114.25. Cover longs ahead of 117.00.