Mizuho Corporate Bank

EUR
Comment: Squeezing up to the top of the Ichimoku ‘cloud’ and likely to hover around here for much of today. Late this afternoon there is a chance of another bout of short-covering to 1.5740.
Strategy: Possibly attempt tiny longs at 1.5670, adding to 1.5600; stop below 1.5470. Short term target 1.5740 with a very small chance of a squeeze to 1.5900 later this month.

EUR/JPY
Comment: Dull as ditchwater as we hold rather unsteadily around 162.00. We still feel prices should top and might drop sharply on a sustained break below 161.00.
Strategy: Sell at 161.80, adding to 162.45; stop above 163.10. Short term target 161.50 then 159.00 medium term.

GBP
Comment: Rallying to the top of the downward-sloping ‘wedge’ formation. We shall continue to watch for a reversal formation on the weekly charts, possibly two weeks’ worth in conjunction with each other, with a Friday close above 1.9700 probably turning momentum bullish.
Strategy: Buy at 1.9665, adding to 1.9600; stop below 1.9500. Short term target 1.9720, then 1.9800, eventually 2.0000.

JPY
Comment: Dipping a small notch on its way down towards 103.00. Testing the 26-day moving average at 103.25 and likely to try and hold around here this morning. Late today allow for a test of this month’s low at 102.57.
Strategy: Sell at 103.25/103.50; stop above 104.75. Add to shorts on a sustained break below below 103.00 for 102.60 short term and eventually 100.00.