Mizuho Corporate Bank

EUR
Comment: Such slow work and we really ought to be holding above 1.4600 by now. It could do with a little help from some other currencies.

Strategy: Attempt longs at 1.4570/1.4550; stop below 1.4440. Short term target 1.4700/1.4750.

EUR/JPY
Comment: Squeezing above the nine and 26-day moving averages thereby postponing the break lower by at least a week. The bounce from January’s low is seen as an A, B, C-type correction which should stall around 159.00.

Strategy: Attempt shorts at 157.85; stop above 159.50. Short term target 155.65, then 154.00.

GBP
Comment: Looking more like a ‘double bottom’ at 1.9400 as we start holding above 1.9600. A sustained break above 1.9700 will probably trigger a few more small buy stops.

Strategy: Buy at 1.9675; stop below 1.9500. Add to longs above 1.9700 for 1.9800 short term, then 1.9950.

JPY
Comment: Nudging up to 108.38, the highest price in a month, but not really that exciting. Watch for signs of topping today and probably Friday so that the move above 108.00 ends looking like a small ‘spike high’ or ‘false break’.

Strategy: Possibly attempt tiny shorts at 108.35; stop above 108.70. Add to shorts on a sustained break below 108.00 to cover ahead of 106.00.