Mizuho Corporate Bank

EUR
Comment: Giving back two thirds of the rally since late March, rattling the overly aggressive. The move signals the start of a period of consolidation which should dominate the next month or so. For today expect random moves roughly between 1.5550 and 1.5750.
Strategy: Possibly attempt tiny longs at 1.5650; stop below 1.5500. Short term target 1.5800/1.5850.

EUR/JPY
Comment: A singularly uninteresting chart. We continue to wait and watch for signs of topping. Slow moves are likely this week.
Strategy: Attempt small shorts at 163.75/164.00; stop above 165.00. Short term target 163.00, then 161.50.

GBP
Comment: Buffeted by those selling EUR and those selling EUR/GBP. Expect more random moves below 2.0000 today and probably all week.
Strategy: Attempt tiny longs on a dip to 1.9815, adding to 1.9675; stop below 1.9600. Short term target 1.9970/2.0000.

JPY
Comment: Very cautious upside probing has dominated the last week or so. Expect more of the same early this week. Note that over the coming month we feel the FX market can look forward to a bout of correction and consolidation.
Strategy: Attempt small shorts at 104.55; stop above 105.25. Short term target 103.00.