EUR
Comment: Pity it did not manage a monthly and quarterly close above 1.4200. Until then we shall have to allow for yet more random consolidation within the recent range.
Strategy: Attempt longs at 1.4020; stop below 1.3800. Short term target 1.4135, then 1.4300/1.4339.
EUR/JPY
Comment: Yesterday’s ‘doji’ has not managed to cap prices making for very messy Technicals. Avoid Yen crosses if possible as they trade randomly sideways within this year’s broad ranges.
Strategy: Possibly attempt shorts at 135.70; stop well above 136.00. Short term target 134.00, then 133.00.
GBP
Comment: The strongest monthly close since September and a quarterly close over 20 cents above the previous one underlines how far Cable has moved in the last 12 months (high 2.0162 and low 1.3500). Unfortunately yesterday’s relatively large ‘spike high’ hints that we shall hold below that high (1.6745) for the rest of this week at least.
Strategy: Attempt small longs at 1.6420; stop below 1.6175. First target 1.6550/1.6600.
JPY
Comment: Disappointing as we rally into a relatively large Ichimoku ‘cloud’ and above moving averages. Monthly and quarterly closes are not significant meaning we shall have to allow for more messy consolidation this week.
Strategy: Attempt small shorts at 96.70; stop above 97.40. First target 96.00 then 95.00.
