EUR
Comment: Still faffing around retracement support around 1.2800. Only on a sustained break above 1.3300 will momentum turn bullish and life get a bit more interesting.
Strategy: Attempt longs at 1.2845; stop well below 1.2800. First target 1.3000, then 1.3300.
EUR/JPY
Comment: Terribly slow work as Yen crosses hover uneasily at the bottom of the range established since October. Nevertheless we still expect a squeeze up towards the trendline and the 26-day moving average at 120.32.
Strategy: Attempt small longs at 114.85; stop below 112.00. First target 117.00, then 120.00.
JPY
Comment: Little to add as we continue hovering unsteadily below a very large Ichimoku ‘cloud’ and the 26-day moving average. Sharp intra-day moves, while masked by the fact we remain in the same little price range, means that one-month at-the-money remains relatively high around 20.00%.
Strategy: Trade the range between 88.80 and 90.00.
