Goldman Sachs FX Spot Desk Strategies

On the back of the lack of data releases in G10 space this week, the main focus has been the Greek headlines and further uncertainty over the next few weeks are expected as we approach Greek payment deadlines. Our positioning remains less than 1/3 of max. We hold on to our long USD position vs JPY and vs EUR. 

{EU} EURUSD Lower => Euro holds up well considering the uncertainty over the next few weeks. We continue to like the pair lower. Key levels for the session: Support comes in at 1.0860 then 1.0844, Resistance at 1.1000 and then 1.1050/60.

{JN} USDJPY Higher => The easy part of the move feels overdone, we reduce our long position but we continue to like the pair higher with support at 123.50/60 and the 2007 highs (124.14) remains the short term target and then 124.50.

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