Mizuho Corporate Bank

EUR
Comment: Consolidating in a tiny ‘triangle’ after Friday’s relatively big sell off. Expect something similar today.

Strategy: Strategy remains unchanged: attempt longs at 1.4400/1.4380; stop below 1.4330. Target 1.4500 short term, then 1.4600.

EUR/JPY
Comment: Still creeping along the top of the Ichimoku ‘cloud’ which is getting a lot thinner, so maybe this currency pair will start moving at last. We continue, rather impatiently, to wait and watch for signs of topping.

Strategy: Sell at 162.95/163.30; stop above 164.00. Short term target 162.00, then 161.00.

GBP
Comment: A sort of ‘Christmas tree’ shape on the chart. Note the lagging line is likely to find support around 2.0075, the lower edge of a fat Ichimoku ‘cloud’. Watch for signs of forming an interim base between now and year-end.

Strategy: Attempt small longs at 2.0115; stop below 2.0000. Short term target 2.0300, then 2.0500.

JPY
Comment: Totally trapped in a tiny Ichimoku ‘cloud’; really quite extraordinary. Watch for more signs of topping around 113.50 this morning and a move towards 112.00 later this week.

Strategy: Strategy remains unchanged: sell at 113.00/113.50; stop above 113.85. Add to shorts below 112.75 for 112.00, then 111.50.