STEVE WESIAK, ABN AMRO

EUR/USD: "The bulls were repelled at the $1.3438 resistance but are regrouping at the former $1.3386 low. This could lead to a new assault on the multi-tested $1.3438 barrier. Clearing it calls for a rise to at least $1.3475 before selling start again. On the downside, if the $1.3386 support snaps then a decline to $1.3350 can be expected."

USD/JPY: "On the upside, breaking above 123.75 yen targets 124.50, where some hesitation could begin again."

GBP/USD: "The market retains its upside bias and could reach a former peak at $1.9968 before unwinding. Taking it out though will extend the upside to the $2.0010 level before selling starts again. The market should now ideally hold above the overnight low at $1.9908 but the more important support is the tested $1.9870 level."

EUR/JPY: "The trend remains up but has started moving sideways after price made it to 166.11, close to a projected top at 166.60. The bulls still retain the advantage but this will end if they fail to defend the new support at 165.20. if that gives way then a fall to the 38.2 percent Fibonacci level at 163.55 can be expected before any new base builds."

NICOLE ELLIOTT, MIZUHO CORPORATE BANK

GBP/USD: "Popping above the top of the Ichimoku `cloud' and just above $1.9900. Could do with some help from other major currencies, especially the euro. For today expect some more slightly nervous consolidation either side of $1.9900 with dips to $1.9800 seen as buying opportunities for the next move to $2.0000."

USD/JPY: "Looking set to try and nudge higher again today. One-month at-the-money implied volatility has dipped to a new record low at 5.70 percent. For this morning prices should hold above 123.00 yen again, then nudging to 124.00 later today/this week."

EUR/JPY: "The yen has lost ground against every currency over the last week, month and three months. We expect more of the same. Currently consolidating neatly just under the record high at 166.12 yen in what may be a tiny `pennant' formation. The euro is overbought against the yen and bullish momentum has eased slightly. Expect more consolidation this morning with dips to the 165.00 area seen as buying opportunities for a move higher later this month."

EUR/USD: "Nothing to add as we continue to hold just above the bottom of a large Ichimoku `cloud'. Note that one-month at-the-money implied volatility here has also dropped to a new record low of 4.60 percent. For this morning if we can hold above $1.3380 expect a squeeze to $1.3450/1.3480."