CAD/JPY - Canadian dollar traders saw their world turn upside down after the cross tumbled over 600 pips since setting a new multi-year high at 105.02 and is currently treading below the psychologically important 100.00 handle, around 99.85, a level established by the 23.6 Fib 23.6 Fib of the 83.12-105.20 CAD rally at 99.85. A further collapse will most likely see the cross accelerate to the downside as number of strategically placed stop will add to the overall momentum as Loonie traders scramble out of their positions with yen traders aiming toward the bids around 97.88, a level marked by the November 14 daily low. A further momentum on the part of the yen bulls will most likely see the CAD/JPY tumble further and take on the Loonie bids around 96.73, a level created by the 38.2 Fib 23.6 Fib of the 83.12-105.20 CAD rally. Indicators are mixed with momentum indicator below the zero line and positive MACD sloping downward toward the zero line, while ADX above 25 at 32.05 signals an existence of a trend, not a direction of one, with neutral oscillators give either side enough room to maneuver.

CHF/JPY - Swiss Franc longs failed to maintain the upside momentum following a break of the consolidation range and collapsed below the psychologically important 90.00 handle, a level marked by the key 38.2 Fib of the 84.83-93.46 CHF rally at 90.16. A further move to the downside will most likely see the Swiss Franc traders give up more ground with the cross heading lower and testing the bids around 89.16, a level established by the 50.0 Fib of the 84.83-93.46 CHF rally. A further move to the downside will most likely see the CHF/JPY aim for the Swissie bids around 88.13. a level marked by the 61.8 Fib of the 84.83-93.46 CHF rally and is further reinforced by the 200-day SMA. Indicators are mixed with momentum indicator below the zero line and positive MACD sloping downward toward the zero line, while ADX above 25 at 30.32 signals an existence of a trend, not a direction of one, with neutral oscillators give either side enough room to maneuver.

NZD/JPY - New Zealand dollar traders saw massive unwinds as the cross collapsed toward the psychologically important 80.00 handle A further move by the yen traders will most likely see the carry trader's continue to unwind their positions and by doing so accelerate the sell off below the psychologically important 80.00 handle, thus seeing NZD/JPY aim toward 78.96, a 50.0 Fib of the 70.81-87.09 NZD rally. A sustained momentum to the downside will most likely see the pair head lower and aim for the New Zealand dollar bids around 77.04, a key 61.8 Fib of the 70.81-87.09 NZD rally, thus seeing the NZD/JPY break below the 200-day SMA at 78.21. Indicators are mixed with momentum indicator below the zero line and positive MACD sloping downward toward the zero line, while ADX above 25 at 38.73 signals an existence of a trend, not a direction of one, with neutral oscillators give either side enough room to maneuver.

Sam Shenker is a Technical Currency Analyst for FXCM.