Mizuho Corporate Bank

EUR
Comment: Hovering under a thin Ichimoku ‘cloud’ and roughly below the mid-point of the broad band established since March. This should continue today, always allowing for a short squeeze some time this month.
Strategy: Possibly attempt longs at 1.5535; stop below 1.5440. Short term target 1.5580, maybe 1.5650.

EUR/JPY
Comment: Same as yesterday and the day before and the day before: tiny ranges at this year’s highest price do not inspire confidence. Note that BRL/JPY set a new record high yesterday. The Euro is extremely overbought so we continue to watch and wait for signs of topping.
Strategy: Strategy remains unchanged: attempt small shorts at 167.55; stop above 168.05. Short term target 167.10, then 165.65.

GBP
Comment: Pushing up into the Ichimoku ‘cloud’ and currently testing trendline resistance. A break above here today or Monday should trigger a short squeeze higher.
Strategy: Attempt small longs at 1.9715, adding to 1.9650; stop below 1.9550. Add to longs on a sustained break above 1.9750. Target 1.9800/1.9850.

JPY
Comment: Very frustrating yet boring too. We continue to watch for topping activity.
Strategy: Sell at 107.85/108.05 ; stop above 108.70. Short term target 107.00, then 106.50.