Mizuho Corporate Bank

EURUSD
Comment: Nudging to a new record high (1.5980) above the top of the right-angled 'triangle'. Same idea for NOK, SEK and some Eastern European currencies. Many are still hoping for a US dollar recovery so there are likely to be more stops on the way up. The Euro is not overbought and bullish momentum could be a lot stronger - likely as we squeeze to new records.
Strategy: Attempt small longs at 1.5935, adding to 1.5850; stop below 1.5750. Short term target 1.6000, then 1.6150.
Direction of Trade: →↗

GBPUSD
Comment: Cable is trying to stabilise around 1.9650/1.9600, yet remains stuck below 1.9900. Expect another upside attempt today.
Strategy: Attempt small longs at 1.9700; stop well below 1.9600. Add to longs on a sustained break above 1.9900 for 2.0000.
Direction of Trade: →↗

USDJPY
Comment: Rallying late in the day to the upper edge of the recent range. We continue below the Ichimoku 'cloud' and retracement resistance. Futures positions still need re-building and the US dollar is not oversold. Allow for yet more of the same today.
Strategy: Sell at 102.10; stop above 103.25. Short term target 100.80, then 100.00.
Direction of Trade: →

EUR/JPY
Comment: Squeezing to its highest price since January 2nd, a level that looks unsustainable. Watch for signs of topping today.
Strategy: Possibly attempt tiny shorts at 162.70; stop above 163.25. Short term target 161.00, then 159.00.
Direction of Trade: →↘