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 and is reinforced by the 20-day SMA at 99.54. As yen bulls resume their advance a move below 98.00 figure, a level established by the consolidation lows, will most likely target 96.69, a level created by the 38.2 Fib of the 83.12-105.20 CAD rally. A further move to the downside will most likely see CAD/JPY aim toward the 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 and is further reinforced by the 200-day SMA. Further collapse of the Canadian dollar bids will most likely see the cross extend its decline and test the Loonie bids 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 tread in a trading range as they kept the cross below 91.40, a level created by the 23.6 Fib of the 84.83-93.46 CHF rally. As cross resumes its downward momentum, a move below the psychologically important 90.00 handle, a level defended by the combination of the 38.2 Fib of the 84.83-93.46 CHF rally, 20-day and 50-day SMA, 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. A sustained momentum to the downside most likely see the cross head lower and aim for 87.14, a level created by the September 29 daily low and with 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 favoring Japanese Yen longs with both momentum indicator and MACD below the zero line, while neutral oscillators give either side to maneuver.

NZD/JPY - New Zealand dollar traders once again failed to stave of the advance by Japanese yen longs as cross started chipping away at Kiwi's bids below the 200-day SMA at 78.50. A further move to the downside will most likely see the cross head below 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. A break below 75.00 will most likely see NZD/JPY extend its decline toward 74.30, a level defended by the key 78.6 Fib of the 70.81-87.09 NZD rally. Indicators are favoring Japanese Yen longs with both momentum indicator and MACD below the zero line, while ADX above 25 at 30.76 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.