Mizuho Corporate Bank

EUR
Comment: Yet again little to add as we consolidate above trendline support and above a large, rising Ichimoku ‘cloud’. Do not be lulled into a false sense of security.

Strategy: Attempt longs at 1.4690, adding to 1.4650; stop below 1.4600. Target 1.4750/1.4775.

EUR/JPY
Comment: Another big daily move suggests this market is looking for direction. We continue to look for signs of topping despite yesterday’s squeeze to a new recent high.

Strategy: Sell at 164.35, adding to 165.00; stop above 165.35. Short term target 163.25, then 162.00, eventually 159.50.

GBP
Comment: Little to add as we move sideways across the page in a relatively small price range under a thick Ichimoku ‘cloud’.

Strategy: Attempt longs at 2.0435, adding to 2.0350; stop below 2.0300. Short term target 2.0500, then 2.0600, maybe 2.0700.

JPY
Comment: A bigger daily range in an increasingly thin market. We continue to watch for signs of topping in the 112.00 area. We urge caution as financial instability is likely to increase rather than decrease as we move through year-end.

Strategy: Sell at 111.75; stop above 112.50. Add to shorts below 110.45 for 109.50/109.00.