EUR
Comment: Stuck in the middle of the Ichimoku ‘cloud’. This is seen as a market that is preparing for a sharp rally early this month where a re-test of the all-time high at 1.3853 is very likely.
Strategy: Attempt longs at 1.3620; stop well below 1.3550. Short term target 1.3685/1.3700 then 1.3850.
EUR/JPY
Comment: Stuck between a rock and a hard place. A break higher this week is a very real possibility and targets 161.00 at least and possibly all the way back up to 164.00/165.00.
Strategy: Attempt longs at 157.95, adding to 157.00; stop below 154.50. Cover longs ahead of 159.00 but be ready to re-buy on a sustained break above 159.75 for 161.00 short term and maybe 164.00.
GBP
Comment: Consolidating inside the Ichimoku ‘cloud’ and we favour a move to 2.0350 this week. All dips are seen as long term buying opportunities for a move higher late this year.
Strategy: Attempt longs at 2.0185, adding to 2.0000; stop well below 1.9925. Cover longs ahead of 2.0400.
JPY
Comment: Nothing to add as we consolidate in a ‘triangle’ formation. If we can hold above 115.00 today we continue to feel prices should move on up to 117.00 this week.
Strategy: Attempt small longs at 115.95 adding to 115.25; stop/reverse below 115.00 for 114.25. Cover longs ahead of 117.00.
