CAD/JPY - Japanese Yen longs continued to keep the cross in a trading range as Canadian dollar bulls managed to hold CAD/JPY above 101.00 figure, a level defended by the combination of the 50-day SMA and February 17 daily low at 101.42. As Loonie longs resume their advance, a move above the 20-day SMA at 102.60, will most likely see the Canadian dollar bulls pushing the yen bulls above the 104.00 figure, a level defended by the consolidation range high. A further move to the upside will most likely see the cross break above 105.00 handle and with sustained momentum on the part of the Loonie longs most likely seeing the cross target 108.14, a level created by the 50.0 Fib Extension of the May-Dec CAD rally. A further move on the part of the Canadian dollar longs will most likely see the cross extend its rally above the next psychologically important 110.00 handle and target yen offers around 110.72, a level established by the 61.8 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 - Japanese yen traders continued to advance against the Swiss Franc 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 Swissie bids around 86.67, a level marked by the 78.6 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 85.95, a level created by the August 22 daily low. A further collapse of the Swiss Franc bids will most likely see the CHF/JPY break below the psychologically important 85.00 handle and target the Swissie bids around 84.83, a level established by the June 23 daily low. Indicators are favoring the Japanese yen longs with both negative momentum indicator and negative MACD treading below the zero line, neutral oscillators giving either side a room to maneuver.

NZD/JPY - New Zealand dollar bulls continued head lower as NZD/JPY temporarily stalled around 77.04, a level established by the 61.8 Fib of the 70.81-87.09 NZD rally. 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 aim for the New Zealand dollar bids 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. A further move to the downside will most likely see the Japanese yen traders extend their rally toward 73.33, a level marked by the February 8, 2005 daily low. Indicators are favoring Japanese yen longs with both negative momentum indicator and MACD treading below the zero line, with ADX above 25, at 28.86, signaling an existence of a trend, not a direction of one,  while both oversold oscillators add to a trending outlook.

Sam Shenker is a Technical Currency Analyst for FXCM.