Mizuho Corporate Bank

EUR
Comment: Yesterday’s sharp sell-off from just above the 9-day moving average at 1.5628 hints at an interim high. Now the Euro should start downside probing, to the bottom of the Ichimoku ‘cloud’ close to May’s low at 1.5285.
Strategy: Possibly attempt small shorts on a bounce to 1.5500, adding to 1.5550; stop above 1.5630. Short term target 1.5410/1.5400 and probably 1.5360.

EUR/JPY
Comment: Hovering above the top of a large Ichimoku ‘cloud’ and likely to hold above here again today. Later this week we favour a cautious drop to the lower edge of this very fat ‘cloud’ at 158.35. Below here would complete a large ‘double top’.
Strategy: Sell at 162.50; stop above 163.50. Short term target 161.65, then 159.00.

GBP
Comment: Backing off again from a very thin Ichimoku ‘cloud’. Expect downside probing this morning, possibly forming some sort of ‘spike low’, followed by an upside squeeze later this week.
Strategy: Possibly attempt tiny longs at 1.9575; stop below 1.9450. Short term target 1.9700, then 1.9800.

JPY
Comment: Back up to where we were Friday holding within the same range we have been working in for the last six weeks. There is no reason to hope anything is likely to change today. Expect more of the same.
Strategy: Possibly attempt shorts at 105.20; stop above 106.00. Short term target 104.00.