CAD/JPY - Japanese Yen longs continued to retreat as Canadian dollar bulls gained more territory with CAD/JPY aiming for the psychologically important 105.00 handle. A further move to the upside will most likely see the Loonie longs pushing the yen bulls above the 104.00 figure, a level defended by the consolidation range high, and with a further move to the upside seeing the cross break above 105.00 handle, a level defended by the 2005 high. A sustained momentum on the part of the Loonie longs will most likely see the cross break above 105.57, a level established by the 2005 High and with a further move to the upside most likely see the cross target 108.14, a level created by the 50.0 Fib Extension of the May-Dec 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 advance against the yen longs as cross broke above 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 upside will most likely see the CHF/JPY aim for the Japanese yen offers around 91.42, a level marked by the 23.6 Fib of the 84.83-93.46 CHF rally and with sustained momentum to the upside most likely seeing the cross head higher and aim for 92.24, a level created by the February 3 daily high. A further collapse of the yen offers will most likely see the CHF/JPY break above 93.44, a 2005 High and target Swissie defenses around the next psychologically important 95.00 handle. Indicators are mixed with negative momentum indicator diverging from positive MACD above the zero line, while oversold Stochastic gives Swissie bulls a chance to extend their rally.

NZD/JPY - New Zealand dollar bulls continued head lower as NZD/JPY temporarily stalled 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 78.82. As Japanese yen bulls resume their advance and push the cross lower, a further move to the downside will most likely see the NZD/JPY break to the downside 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. A collapse of  the New Zealand dollar bids around the 75.00 figure will most likely see NZD/JPY target Kiwi's bids around 74.30, a level defended by the 78.6 Fib of the 70.81-87.09  NZD rally. Indicators are favoring Japanese yen longs with both negative momentum indicator and MACD treading below the zero line, while neutral oscillators giving either side a room to maneuver.

Sam Shenker is a Technical Currency Analyst for FXCM.