J.P.Morgan: Trading View in Brief

EUR: Long The Euro now looks poised to test the top of the year’s range, where it will face resistance levels at 1.0820/30 and 1.0865/80. We still hold the view that the Euro will enter the French election closer to the highs of the year’s range. Stay long and buy dips to 1.0670/80.
GBP: Short I still like selling cable rallies but the core bearish view has been impacted by both sides of the equation going against it. Consequently, and as stated previously, EUR GBP remains a better way to express sterling weakness; whilst it also sold off hard after the minutes, it comfortably held 0.8660 support and has bounced back nicely since. Keep stops at 0.8650.
YEN: Short I still think it is likely that we find interest to sell on rallies and would advise a small short here with room to add in front of 114. 112.80/90 and then 112.40/50 are the support levels to watch while 113.50/60 and 114.00/10 are the levels on the topside.