JPY: Trade the range between 88.60 and 90.00

EUR
Comment: Very slow work but hauling itself up from retracement support around 1.2800. Momentum should turn bullish on a sustained break above 1.3300.

Strategy: Attempt longs at 1.3045; stop below 1.2800. First target 1.3100, then 1.3300.




EUR/JPY
Comment: Rallying slowly from the bottom of the range established since October as all too many are still predicting even more Yen strength for this year. Expect a squeeze up towards the trendline and the 26-day moving average at 120.32.

Strategy: Attempt small longs at 116.50, but only if prepared to add to 113.75; stop below 112.00. First target 118.00, then 120.00.




GBP
Comment: Small gains mean Cable is trying to hold above the bottom of the downward-sloping ‘wedge’ formation and above the 9-day moving average. It is currently struggling with the 26-day average at 1.4437 and only a sustained break above 1.4550 would add bullish pressure and a break above 1.5500 would send many scurrying for cover. With a little luck some other major currencies, notably the Swiss franc, might help the pound higher.

Strategy: Buy at 1.4395, adding to 1.4200; stop below 1.4000. Add to longs on a sustained break above 1.4550 for 1.4800 short term, eventually 1.5000.




JPY
Comment: Small signs of instability with yesterday’s ‘doji’ though we continue hovering unsteadily below a very large Ichimoku ‘cloud’ and the 26-day moving average. If not today then very soon this currency pair will start looking for direction.

Strategy: Trade the range between 88.60 and 90.00.