Mizuho Corporate Bank

EUR
Comment: Consolidating under last week’s new record high (1.5985), very much at the higher end of the range of the last six weeks. The Euro is not overbought and futures positions are well below last year’s record. For today if we can hold above 1.5850 this morning expect another upside probe at the highs later today.
Strategy: Attempt tiny longs at 1.5850; stop below 1.5700. Short term target 1.5900/1.5950.

EUR/JPY
Comment: Turning down from the highest levels this year, and some of the most expensive levels ever. Again today we shall be watching for sings of forming an interim top.
Strategy: Attempt small shorts at 163.35, adding to 164.00; stop above 165.00. Short term target 163.00, then 161.50.

GBP
Comment: Dropping like a stone from the psychological 2.0000 level. Today it should try and steady itself between 1.9700 and 1.9650. Note that these big intra-day moves are symptomatic of a market looking for direction.
Strategy: Attempt longs at 2.0000, adding to 1.9900; stop below 1.9800. Add to longs on a sustained break above 2.0050 for 2.0500.

JPY
Comment: Little to add as we hover around a very thin Ichimoku ‘cloud’ and 61% retracement area. Today we shall watch for more signs of topping, possibly a slow move which may take several days. Trade carefully.
Strategy: Attempt shorts at 103.00, adding to 103.70; stop above 104.15. Short term target 102.80/102.50, then 101.00.