CAD/JPY - Japanese Yen longs remained on the offer side of the market as Canadian dollar bulls gave up more territory with CAD/JPY aiming for the psychologically important 100.00 handle. A further move to the downside will most likely see the yen longs trading the Loonie bulls below the 101.00 figure, a level defended by the combination of 20-day and 50-day SMA's, and with a further move to the downside seeing the cross head below 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 the cross break below 98.88, a level established by the January 24 daily low and with a further move to the downside most likely seeing the cross target 96.73, a level created by the 38.2 Fib of the 83.12-105.20 CAD rally. Indicators are favoring Canadian dollar longs with both momentum indicator and MACD above the zero line, with neutral oscillators giving either side a room to maneuver.

CHF/JPY - Swiss Franc traders continued to give up more ground to the advancing yen longs as cross broke below the psychologically important 90.00 handle, a level defended by the 38.2 Fib of the 84.83-93.46 CHF. A next move to the downside 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 and with sustained momentum to the downside most likely seeing cross head lower and aim for 88.60, a level created by the 200-day SMA at 88.53. A further collapse of the Swiss Franc bids will most likely see the cross head below 88.13, a 61.8 Fib of the 84.83-93.46 CHF rally and target Swissie defenses around 86.68, a level established by the 78.6 Fib of the 84.83-93.46 CHF rally. Indicators are mixed with negative momentum indicator diverging from positive MACD above the zero line, while neutral oscillators giving either side a room to maneuver.

NZD/JPY - New Zealand dollar bulls continued their descent as NZD/JPY continued to spiral down with the latest move to the downside breaking below the psychologically important 80.00 handle. As yen longs remain in control over the direction of the price action and push cross lower, a the next move to he downside will most likely see the Kiwi longs retreat below 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 78.75. A further move to the downside will most likely see the NZD/JPY break 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 bulls will most likely see the cross test potential support around 75.17; a level established by the July 13 daily low which currently acts as a gateway to the psychologically important 75.00 handle. Indicators are mixed with negative momentum indicator diverging from positive MACD above the zero line, while neutral oscillators giving either side a room to maneuver.

Sam Shenker is a Technical Currency Analyst for FXCM.