CAD/JPY - Japanese Yen longs continued to push the cross lower after CAD/JPY failed to test the offers above the psychologically important 105.00 handle. A further move to the downside will most likely see Japanese yen longs push the Loonie bulls below the 101.00 figure, a level marked by the combination of 20-day and 50-day SMA's, and with a further move to the downside seeing the cross test the Canadian dollar bids around the psychologically important 100.00 handle, a level defended by the 23.6 Fib of the 83.12-105.20 CAD rally. A sustained downside momentum will most likely see CAD/JPY head below 98.88, a level established by the January 24 daily low and most likely target 96.73, a level created by the 38.2 Fib of the 83.12-105.20 CAD rally. Indicators are favoring Japanese Yen longs with both momentum indicator and MACD below the zero line, while ADX above 25 at 29.45 signals an existence of a trend, not a direction of one, with overbought Stochastic giving yen longs a chance to extend their rally.

CHF/JPY - Swiss Franc traders once again failed to push the cross toward the recent multi-year highs at 93.44 and fell below 91.40, a level created by the 23.6 Fib of the 84.83-93.46 CHF rally. As cross continues 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 at 90.62, will most likely see the CHF/JPY aim for the Swiss Franc bids around 89.14, a level marked by the 50.0 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 88.13, a level created by the combination of the 200-day SMA at 88.53 and 61.8 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 overbought Stochastic gives yen longs a chance to extend their rally.

NZD/JPY - New Zealand dollar bulls saw the futility of their move after NZD/JPY failed to break above the yen offers around 82.01, a level established by the November 1 daily high. As yen longs reestablish control over the direction of the cross and push NZD/JPY lower, a move below the psychologically important 80.00 handle, a level defended by the 20-day SMA, will most likely see the Kiwi longs retreat below 20-day SMA at 79.79 and target the bids around 78.97, a level established by the 50.0 Fib of the 70.81-87.09 NZD rally and is further reinforced by the 200-day SMA at 78.57. A further move to the downside will most likely see the NZD/JPY 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. 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 favoring Japanese Yen longs with both momentum indicator and MACD below the zero line, while overbought Stochastic gives yen longs a chance to extend their rally.

Sam Shenker is a Technical Currency Analyst for FXCM.