CAD/JPY - Canadian dollar bulls continued to keep the cross within a consolidation range as Japanese Yen longs kept CAD/JPY below 99.88, a level established by the 23.6 Fib of the 83.12-105.20 CAD rally. As yen bulls resume their advance a move below 96.69, a level created by the 38.2 Fib of the 83.12-105.20 CAD rally will most likely see CAD/JPY aim toward teh next psychologically important 95.00 figure and test the Loonie bids around 94.09, a level established by the 50.0 Fib of the of the 83.12-105.20 CAD rally. Further collapse of the Canadian dollar bids will most likely see the cross extend its decline below the 200-day SMA at 93.25 and land on top of potential support around 92.71, a level marked by August 2 daily high. Indicators are favoring Japanese Yen longs with both momentum indicator and MACD below the zero line, while neutral oscillators give either side to maneuver.

CHF/JPY - Swiss Franc traders continued to experience the pressure exerted by the Japanese yen longs as they kept the cross remained below the psychologically important 90.00 handle. As cross resumes its downward momentum, a further move to the downside will most likely see the CHF/JPY aim for the Swiss Franc bids around 88.13, a level marked by the 61.8 Fib of the 84.83-93.46 CHF rally and with sustained momentum to the downside most likely seeing the cross head lower and aim for 87.14, a level created by the September 29 daily low. A further move on the part of the Japanese yen traders will most likely see the Swiss Franc give up more ground as cross collapses toward 86.68, a key 78.6 Fib of the 84.83-93.46 CHF rally. Indicators are diverging with momentum indicator above the zero line and MACD below the zero line, while neutral oscillators give either side to maneuver.

NZD/JPY - New Zealand dollar traders continued to lock horns with their Japanese yen counterparts as yen bulls consolidated some of the recent gains following a sharp correction. As yen bulls resume their advance, a further move to the downside will most likely see the cross head below 78.48-78.94 zone, a potential support established by the combination of the 200-day SMA and the 50.0 Fib of the 70.81-87.09 NZD rally and aim for the New Zealand dollar bids around 77.04, a key 61.8 Fib of the 70.81-87.09 NZD rally. A sustained momentum on the part of the yen longs will most likely see the NZD/JPY test potential support around 75.17; a level established by the July 13 daily low and is a gateway to the psychologically important 75.00 handle. Indicators are mixed with momentum indicator below the zero line and positive MACD sloping downward toward the zero line, while ADX above 25 at 27.95 signals an existence of a trend, not a direction of one, while neutral oscillators give either side to maneuver.

Sam Shenker is a Technical Currency Analyst for FXCM.