EUR
Comment: Hard work with small complex moves holding inside a downward-sloping ‘wedge’ formation. Expect more of the same today and remember that only on a sustained break above 1.3300 will momentum turn bullish and life get a bit easier and more interesting.
Strategy: Attempt longs at 1.2930/1.2870; stop well below 1.2700. First target 1.3000, then 1.3100.
EUR/JPY
Comment: Consolidating under the 26-day moving average and a thin Ichimoku ‘cloud’, and now should try and form an interim base against the 9-day average. Late this week, or later this month we favour a break above the recent high at 120.04 towards the middle of the broad band which has held since October.
Strategy: Buy at 116.40; stop below 114.00. First target 119.00, then 120.00.
GBP
Comment: Retreating from a cluster of resistance points around the psychological level of 1.5000. Today Cable should try and consolidate around the moving averages.
Strategy: Attempt longs at 1.4400; stop below 1.4000. Short term target 1.4975/1.5000.
JPY
Comment: Retreating from trendline resistance in the middle of in a fairly thick Ichimoku ‘cloud’ and will probably hold below the bottom of the ‘cloud’ again today. Expect random moves roughly between 89.50 and 91.00.
Strategy: Possibly attempt tiny shorts on a bounce to 90.75/91.25; stop/reverse above 92.55 for 94.00. Cover shorts ahead of 89.00 and watch for signs of basing between here and 88.40.
