Mizuho Corporate Bank

EUR
Comment: Retreating from 1.5950 hinting we may hold below here all week and until the end of the month. The pull-back from the all-time high at 1.6040 might turn out to be an A, B, C-type move in which case it should base between 1.5750 and 1.5700. It should attempt to do this today.
Strategy: Attempt small longs at 1.5800; stop below 1.5700. Cover longs between 1.5950 and 1.6020.

EUR/JPY
Comment: Very inconclusive as we work in a tiny range within a potential ‘broadening top’. Watch for a potential ‘spike high’ both on the daily and the weekly charts.
Strategy: Possibly attempt tiny shorts at 169.50; stop above 170.15. Short term target 169.20, then 168.20.

GBP
Comment: Like the Euro, pulling back in what might be an A, B, C-type formation which should then base between 1.9900 and 1.9800. Only when Cable starts holding comfortably above 2.0100 will the risk of further downside tests ease.
Strategy: Attempt small longs at 1.9910; stop below 1.9800. Short term target 2.0100.

JPY
Comment: Bouncing more strongly than we had imagined from 106.00 and the top of the Ichimoku ‘cloud’. Expect an upside probe of 107.50 this morning, then drifting very slowly lower this afternoon.
Strategy: Attempt small shorts at 107.30; stop well above 107.50. Short term target 106.00.