Mizuho Corporate Bank

EUR
Comment: Bouncing from the top of the Ichimoku ‘cloud’ and we favour a cautious upside test today, probably above Monday’s high at 1.5753 to the nine-day average at 1.5759 and maybe 1.5800.
Strategy: Attempt longs on a dip to 1.5655; stop/reverse below 1.5600 for 1.5465. Cover ahead of 1.5750, possibly re-buying above 1.5765 for 1.5800.

EUR/JPY
Comment: Same old story. Expect yet more hovering today, noting that the pair is overbought and that bullish momentum has eased considerably.
Strategy: Attempt small shorts at 168.40; stop above 168.65. Short term target 167.25, then 166.25.

GBP
Comment: Expect very messy consolidation inside the Ichimoku ‘cloud’. If we can hold above 1.9650 this week then there is a chance that we shall re-test 2.0000 next week.
Strategy: Attempt longs at 1.9700; stop below 1.9640. Short term target 1.9850.

JPY
Comment: The Yen is still trading within the corrective ‘channel’ as we consolidate around 106.50. We favour consolidation below 107.50 again this morning and then a downside probe later on.
Strategy: Attempt shorts at 107.15, adding to 107.55; stop above 108.00. Short term target 106.70, then 105.80.