Mizuho Corporate Bank

EUR
Comment: Nothing to add as we dither at the top of the ‘triangle’ and ponder whether to attempt new record highs. We expect a break to new highs later this month or in May. For today allow for more cautious but random moves roughly between 1.5725 and 1.5900. Note that futures positions are still well below last year’s record and the Euro is not overbought.
Strategy: Strategy remains unchanged: attempt small longs at 1.5800, adding to 1.5750; stop below 1.5600. Short term target 1.5900, then 1.6000.

EUR/JPY
Comment: A nasty series of small random moves has mad a mess of this chart. Do as little as possible and wait for a clearer pattern to emerge.
Strategy: Possibly attempt small shorts at 161.00; stop above 161.75. Short term target 159.50, then 158.00.

GBP
Comment: Disappointing as we drift yet lower, yet again, in an unstable ‘wedge’ formation. Cable should try to stabilise around 1.9650/1.9600.
Strategy: Possibly attempt tiny longs at 1.9650; stop well below 1.9600. Add to longs on a sustained break above 1.9900 for 2.0000.

JPY
Comment: Really rather dreary as we drifting slowly across the page below the Ichimoku ‘cloud’ and retracement resistance. Futures positions still need re-building and the US dollar is not oversold. Allow for more of the same today.
Strategy: Sell at 101.75/102.00; stop above 103.25. Short term target 100.30/100.00.