EUR
Comment: In holiday-thin markets yesterday the Euro managed to squeeze up to the top of the Ichimoku ‘cloud’. A sustained break above 1.3400 might turn momentum bullish, keeping in mind that the Euro is not at all overbought.
Strategy: Buy at 1.3325; stop below 1.3100. Add to longs on a sustained break above 1.3400 for 1.3600 and then more.
EUR/JPY
Comment: Trying to form an interim base against the 132.00 level. Over the coming week or two we favour another cautious upside probe where we shall allow for a new recent high.
Strategy: Buy at 132.65; stop below 130.50. Add to longs on a sustained break above 134.50 for 137.00 and then more later this month.
GBP
Comment: Setting up for a test of the psychological level at 1.5000 and only above here will things take off. A weekly close above 1.4850 should add to current bullish momentum.
Strategy: Buy at 1.4845; stop below 1.4550. Short term target 1.4960/1.5000, then more.
JPY
Comment: Consolidating neatly under last Monday’s high at 101.45. We continue to favour another brief squeeze higher still, to 102.00 and possibly even as high as 106.50 some time later this month.
Strategy: Buy at 99.80; stop below 98.70. Cover ahead of 102.20.
