EUR
Comment: Disappointing as we drop all the way back down to where we were four days ago. Expect it to try and base here yet again.
Strategy: Attempt small longs at 1.2900; stop below 1.2800. First target 1.3335, then 1.3525.
EUR/JPY
Comment: Dropping from trendline resistance and likely to hold below here again today. Cautious downside probing between 115.00 and 114.00 today.
Strategy: Buy at 115.50; stop below 113.50. First target 119.00.
GBP
Comment: Holding up better than many as some are forced to assess just how much of a basket-case is UK plc. Still hovering just above the lower edge of the downward-sloping ‘wedge’ formation and likely to do so again today. A weekly close above 1.4250 is the minimum needed to hint that we have formed an interim low.
Strategy: Buy at 1.4250; stop well below 1.3800. Add to longs on a sustained break above 1.4440 for 1.4600 short term, eventually 1.5000.
JPY
Comment: Hovering below a very large Ichimoku ‘cloud’ and the 26-day moving average and likely to hold below here again today, consolidating at these slightly higher levels. The 9-day moving average at 89.04 might limit the downside.
Strategy: Trade the range between 89.00 and 90.75.
