Mizuho Corporate Bank

EUR
Comment: Back at the middle of the ‘triangle’ within which prices have held since November. Nothing to get too excited about today. Expect a squeeze up to 1.4800 this week.

Strategy: Attempt longs at 1.4680, adding to 1.4550; stop below 1.4440. Short term target 1.4700/1.4750.

EUR/JPY
Comment: Textbook stuff: the bounce from January’s low is seen as an A, B, C-type correction which should stall around 159.00 (50% Fibonacci retracement) if not today then some time this week. Similar patterns in the equity indices.

Strategy: Sell at 158.30; stop above 159.50. Short term target 155.65, then 154.00.

GBP
Comment: Still struggling under trendline resistance and a very fat Ichimoku ‘cloud’. This week it should try and hold above 1.9500 but will probably remain stuck below 1.9800.

Strategy: Attempt small longs at 1.9595; stop well below 1.9500. Short term target just under 1.9800.

JPY
Comment: Stalling at Fibonacci retracement and Friday’s ‘doji’ candle suggests we are now looking for direction. Watch for more signs of topping today amid a series of small random intra-day moves.

Strategy: Attempt small shorts at 107.85, adding to 108.30; stop above 108.70. Add to shorts on a sustained break below 107.25 to cover ahead of 106.00.