Mizuho Corporate Bank

EUR
Comment: Trading just above a nasty little Ichimoku ‘cloud’ and in the middle of the range of the last few months. We may be eternal optimists but we continue to favour a squeeze up to 1.4800 this week.

Strategy: Attempt longs at 1.4705, adding to 1.4650; stop below 1.4530. Short term target 1.4750/1.4800.

EUR/JPY
Comment: In terms of timing the A, B, C-type correction should be complete very shortly. Stalling again this morning against Fibonacci resistance 159.38 (January high 159.50) might add a little downside pressure.

Strategy: Sell at 158.50; stop above 159.50. Short term target 155.65, then 154.00.

GBP
Comment: Sterling is still the favourite whipping boy yet Cable is not really trading lower. It is still struggling under trendline resistance and a very fat Ichimoku ‘cloud’ and futures positions are a fraction of last year’s peak. This week it should try and hold above 1.9480 but will probably remain stuck below 1.9750.

Strategy: Possibly attempt tiny longs at 1.9475; stop below 1.9400. Short term target 1.9750.

JPY
Comment: Holding above the nine-day moving average at 107.21 (107.48 today). Watch for more signs of topping today amid a series of small random intra-day moves, with a sustained break below 107.00 setting off a sudden drop to 106.00.

Strategy: Strategy remains unchanged again: 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.