CAD/JPY - Canadian dollar bulls remain confined to a large upward sloping channel that dominated the price action since the middle of June, with Loonioe longs once again pushing the cross above the psychologically important 100.00 handle. A move to the upside will most likely see the cross establish a double top and with subsequent reversal most likely seeing the yen bulls test the bids around 99.37, a 20-day SMA and the first line of Canadian dollar defenses. A further collapse of the Canadian dollar defenses will most likely see the cross head toward 97.88, a level established by the November 11 daily low, which is further reinforced by the 50-day SMA and the channel's lower boundary at 97.64. Indicators remain in favor of the Canadian dollar traders with both MACD and momentum indicator above the zero line, while neutral oscillators give either side enough room to maneuver.  

CHF/JPY - Swiss Franc longs once again saw their advance stall as the cross failed to breach the Japanese yen defenses around 90.68, a level marked by the October 27 daily high. A subsequent reversal from these levels will most likely see the Japanese yen longs retaliate in force and push the cross below the psychologically important 90.00 handle and with sustained momentum taking on the Swiss Franc bids around 88.94, a level established by the 38.2 Fib of the 84.84-91.48 CHF rally. Indicators are diverging with momentum indicator below the zero line and positive MACD sloping downward toward the zero line, while neutral oscillators give either side enough room to maneuver.

NZD/JPY - New Zealand dollar bulls once again pressed their luck as they pushed the cross toward the 2005 High at 82.17, thus setting a potential double top reversal pattern. As Japanese yen bulls reestablish their dominance over the price action and push the cross lower, the next move to the downside will most likely see the cross test the New Zealand dollar defenses around 80.56, a level established by the November 15 daily low, thus seeing the cross break below the 20-day SMA at 81.51. A further move to the downside will most likely see the cross head below the psychologically important 80.00 handle and test Kiwi's bids around 79.50, a 23.6 Fib of the 70.79-82.17 NZD rally, a level further reinforced by the 50-day SMA at 79.85. Indicators signal maturing trend with ADX above the key 25 mark falling to 34.45, pointing to an existence of a maturing trend, not a direction of one, with both momentum and MACD remain above the zero line, while neutral oscillators give either side enough room to maneuver.  

Sam Shenker is a Technical Currency Analyst for FXCM.