Mizuho Corporate Bank - Not going according to plan as we break above the weekly trendline and above the 61% retracement resistance. Surprisingly the US dollar is not overbought and futures positions are being slashed ahead of delivery. Few decent chart levels make trading this currency pair difficult. The rally since March is still seen as a correction to the long term trend which is for a weaker greenback. There is a possibility that European banks, desperate to get their hands on US dollar deposits, are creating these via Yen swaps because the money market has dried up completely.