Mizuho Corporate Bank

EUR
Comment: Inching up to a new record high at 1.5309 today, with several other currencies doing something similar. Slightly unsteady and overbought so due some consolidation next week. Until then expect more cautious upside probes.
Strategy: Attempt small longs on a dip to 1.5265, adding to 1.5200; stop below 1.5100. Short term target 1.5300/1.5350, maybe 1.5550.

EUR/JPY
Comment: Rallying from increasingly important support and should now stall at the top of the Ichimoku ‘cloud’ and retracement resistance. Watch for signs of topping today/tomorrow prior to a serious downside test next week.
Strategy: Sell at 158.65/159.00; stop above 159.50. Short term target 157.70, then 156.00.

GBP
Comment: Yesterday’s sharp rally from a low at 1.9722 sets up for a serious (and eventually successful) test of the top of the Ichimoku ‘cloud’. A swiftly rising 9-day average should add a little upside pressure. A break above 2.0000 should force many to re-think.
Strategy: Buy at 1.9925, adding to 1.9800; stop below 1.9700. Short term target 1.9960/2.0000, then 2.0500/2.0600 much sooner than many might think.

JPY
Comment: A very half-hearted attempt at a squeeze higher. Expect a bit more of the same today where rallies should be limited to the 104.50/105.00 area. These are seen as good selling opportunities for a drop later this month.
Strategy: Attempt shorts at 103.75/104.00; stop above 105.50. Add to shorts on a sustained break below 102.50 for 101.80