EUR
Comment: Squeezing back above the top of the Ichimoku ‘cloud’ and might re-test the 26-day moving average at 1.3266 and the top of the ‘flag’ at 1.3330.
Strategy: Attempt longs at 1.3190, adding to 1.3100; stop below 1.2885. Add to longs on a sustained break above 1.3330 for 1.3400 short term and 1.3600 further out.
EUR/JPY
Comment: Bouncing very strongly from the 50% retracement level forcing us to re-consider as we move randomly in the middle of the very broad band of this year. Plan B would be a week or two of random moves either side of 124.50.
Strategy: Possibly attempt tiny longs on a dip to 127.00/126.65; stop below 124.00. Short term target 129.00.
GBP
Comment: Bouncing once again from the 1.4500 area, adding to bullish momentum. This might be enough to set off a re-test of the increasingly important 1.5000 zone by the end of this week.
Strategy: Attempt longs at 1.4700; stop well below 1.4500. Short term target 1.4800, eventually 1.5000.
JPY
Comment: Bouncing from the top of the Ichimoku ‘cloud’, as expected, and might hold above here again today. Moving averages suggest a short so conflicting messages. Later we continue to favour a test of the 93.50 area.
Strategy: Attempt shorts at 97.00; stop above 98.15. Short term target 96.00, then 93.55.
