CAD/JPY ââ,¬â€œ CAD/JPY broke through the bottom (102.30 ââ,¬â€œ 4/19 low) of its 2 week range yesterday and continued downward until its 50% fibo of 97.11-104.10 at 100.61.  A negative MACD cross just above the 0 line occurred in response to yesterdayââ,¬â"¢s rapid decline and daily RSI now slopes downward and is below the 50 midpoint.  Resting just below, near 100.10/20, is a medium term trendline that began on 1/9.  A break below there targets a zone between the 3/27 and 3/28 lows at 99.30/42.  The pair has digested losses between 100.41/93, resulting in positive divergence with oscillators on the hourly and giving scope to a contra move.  Initial resistance comes in at the 23.6% fibo of 103.61-100.42 at 101.17.

CHF/JPY ââ,¬â€œ CHF/JPY looks very similar to CAD/JPY in that the pair simply ate through support.  Support from the 50% fibo of 87.62-92.72 at 90.17 halted the slide.  Consolidation has taken place between 89.94 and 90.34.  A break above 90.34 targets the 23.6% fibo of the move down from 92.72 to 89.94 at 90.59.  Hourly oscillators give this suggestion a possibility as RSI is rising from oversold levels and approaching 50.  A continuation of the downward move first encounters last nightââ,¬â"¢s Tokyo low at 89.94 with a break below exposing the confluence of the 200 day SMA / 61.8% fibo of 87.62-92.72 at 89.51/57.

NZD/JPY ââ,¬â€œ Surprise! ââ,¬â€œ the bottom also fell out of NZD/JPY and the pair found support after a 200 pip decline just near its 4/10 low at 71.64.  The rapid decline gives oscillators on the daily a bearish look with MACD histogram sloping down and a recent negative stochastic cross above 80.  A break below .7160 targets the 3/28 low at 70.47.  The high of the recent consolidation is 72.15.  A break beyond that level targets the 20 day SMA at 72.60.  The bias is bearish however until a break above the double top formed by the 4/19 and 4/20 highs at 74.68.

Sam Shenker is a Technical Currency Analyst for FXCM.