NICOLE ELLIOTT, MIZUHO CORPORATE BANK

EUR/USD: "Still trying to form an interim base against the Ichimoku `cloud'. Expect more of the same today, noting that only a daily close above $1.3638 suggests this is in place."

USD/JPY: "Tiny signs of instability at these historically high levels. While above 120.70 yen we will not rule out further upside probing. However, a drop (and possibly a very sharp one) is what we currently favour. For this morning expect some work between 120.70 and 121.50. Below 120.70 should set off a sudden slip to 119.50."

GBP/USD: "Trying but to break higher needs the help of other currencies. This looks imminent -- if not today then next week. Today we should again probe the top of the `flag' formation since mid-April. A weekly close above $1.9900 should turn momentum clearly bullish."

EUR/JPY: "Looking a little `tired' but not exactly keeling over. We continue with a very cautious stance and favor a decent bout of correction and consolidation over the next month or two. For today expect a test of the 26-day moving average at 162.13 yen and the trend line at 162.00. A sustained break below here should set off a slide to the top of the Ichimoku `cloud'."