Mizuho Corporate Bank

EUR
Comment: Consolidating in a tiny range in the middle of the range since early March, looking slightly uneasy. For today expect random moves roughly between 1.5600 and 1.5750 as the market continues to look for direction.
Strategy: Possibly attempt tiny longs at 1.5630; stop below 1.5500. Short term target 1.5700/1.5750.

EUR/JPY
Comment: You will probably need a magnifying glass to see it but yesterday we got a small ‘spike high’ as we break below the nine-day moving average. We continue to wait and watch for more signs of topping. Slow moves are likely this week.
Strategy: Attempt small shorts at 163.00; stop well above 164.00. Short term target 161.50.

GBP
Comment: Once again testing the top of the Ichimoku ‘cloud’. We shall not hold our breath having been disappointed so many times between her and the 2.0000 area.
Strategy: Attempt small longs on a dip to 1.9865, adding to 1.9685; stop below 1.9600. Short term target 1.9970/2.0000.

JPY
Comment: Quiet markets and small ranges make for a very dreary FX market. Unfortunately we shall probably have to look forward to more of the same today.
Strategy: Attempt small shorts at 104.25/104.55; stop above 105.25. Short term target 103.00.