CAD/JPY ââ,¬â€œ The loonie has taken off against the Yen and currently trades above its upper Bollinger band.  MACD just above the zero line after a positive cross and RSI not yet overbought signals that the uptrend may have more left in the bag in the near future.  In the short term however, massive divergence with both RSI and MACD suggest a contra move downward.  Initial support comes in at todayââ,¬â"¢s Tokyo low of 102.90 with a break targeting the 38.2% of 98.97-103.61 at 101.84.  The zone bound by the 2/21 and 2/3 highs from 103.82-104.11 provides resistance with a break above exposing the 12/6 high at 105.02.  Strength beyond 105.00 sees a possible assault on the 127% fibo of 105.06-97.11 at 107.18.       

CHF/JPY ââ,¬â€œ CHF/JPY has fallen off of recent highs made last Thursday, finding support at the confluence of the 10 day SMA / 23.6% fibo of 87.63-91.73 at 90.72/76.  A false break through the medium term trendline from 12/13 likely triggered breakout buys, subsequently igniting a short squeeze that helped exacerbate the pullback.  A resumption of the move up challenges the 4/6 high at 91.73 followed by the 2/3 high at 92.20.  Additional gains expose the resisting trendline dating to 12/12/2005 at 93.20.  A continuation of the recent pullback from 91.73 challenges the 38.2% fibo of 88.84-91.73 at 90.63 with more losses nearing the 20 / 50 day SMAââ,¬â"¢s at 90.20/30.

NZD/JPY ââ,¬â€œ Coming off of recent lows, NZD/JPY currently sits at its 20 day SMA of 72.47.  Stronger buying may see a test of the 23.6% fibo of the recent 81.99-70.46 February-March rapid decline at 73.16.  The 3/24 reaction high at 73.68 provides further protection for bears.  The 4/10 71.64 low offers instant support but further weakness probes the 3/28 low at 70.47 after which a break could trigger a resumption of the downtrend.  A recent positive MACD cross and RSI rising above 70 gives hope to bulls ââ,¬â€œ but is still a rather aggressive position considering the severity of the recent downtrend.

Sam Shenker is a Technical Currency Analyst for FXCM.