CAD/JPY - Japanese Yen longs continued to keep the cross in a trading range as Canadian dollar bulls maintained bide above the 102.00 figure. As Loonie longs resume their advance, a move above the 104.00 figure, a level defended by the consolidation range high will most likely see the cross break above the psychologically important 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 continued to tread sideways as cross remained 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 90.91, a level marked by the February 21 daily high and with sustained momentum to the upside most likely seeing the cross head higher and aim for 91.42, a level created by the 23.6 Fib of the 84.83-93.46 CHF rally. A further collapse of the Japanese Yen offers will most likely see the CHF/JPY target the offers around 92.24, a level established by the February 2 daily high. 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 broke below the 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. A sustained momentum on the part of the Japanese yen longs will most likely see the cross head lower and target Kiwi's bids around 71.76, a level created by the November 1, 2004 daily low, breaking of which will most likely see NZD/JPY extend its decline toward psychologically important 70.00 handle. Indicators are favoring Japanese yen longs with both negative momentum indicator and MACD treading below the zero line, with ADX above 25, at 33.67, 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.