EURUSD
Comment: Reversing Tuesday's gains, doing wonders for the overbought situation. Two-way price action should help to push implied volatility higher. Expect consolidation under yesterday's high at 1.4339 today and maybe Friday too. Strategy: Attempt small longs at 1.4175; stop well below 1.4000. Short term target 1.4330/1.4360, then a lot more with a first measured target at 1.4545. Direction of Trade: →↗ Chart Levels:
Support Resistance
1.4100 " 1.4192
1.4065* 1.425
1.4 1.4339*
1.3925 1.443
1.3845 1.4545
GBPUSD
Comment: Stopping exactly at the bottom edge of the weekly Ichimoku 'cloud' and should hold below here today and tomorrow, maybe next week too. However, the 9-day moving average at 1.6221 might limit the downside this morning. Strategy: Attempt small longs at 1.6275; stop below 1.6000. First target 1.6500. Direction of Trade: →↗
Support Resistance
1.6210 " 1.6345
1.6085 1.641
1.6115 1.65
1.6000* 1.66
1.5855 1.6664
USDJPY
Comment: Obviously prices cannot hold inside the current range for ever, and we continue to feel that the Ichimoku 'cloud' should eventually force it lower. Expect even more of the same today as the Yen looks for direction. Strategy: Attempt small shorts at 96.10/96.35; stop above 97.35. First target 95.00, adding to shorts below 94.40 for 94.00 and then 93.65.Direction of Trade: → Chart Levels:
Support Resistance
95.83 " 96.37/96.43
95.33 96.65
95 97
94.42* 97.24*
93.55* 97.55
Mizuho Corporate Bank
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