CAD/JPY â�,�“ After trading along its along its 20 day SMA towards the end of last week, CAD/JPY has plunged to the 100.00 figure.  Although currently supported by the 4/4 low at 99.99, the pair has broken (just today in fact) the supporting trendline from the symmetrical triangle that began on 1/9.  This combined with declining oscillators on the daily echoes a bearish bias and an eventual test of the 3/20 low at 98.98.  A bounce off of recent lows (99.91) encounters resistance at the 4/25 low of 100.42 with additional strength targeting the 5/1 low at 100.78.

CHF/JPY â�,�“ The head and shoulders reversal pattern commented on last week has morphed into a double top (evident on daily, hourly, etc.) and the pair has since dropped 200 pips and now trades at the confluence of the 50 day SMA / supporting trendline from 2/27 at 90.65.  A break of the trendline would seriously damage any hope for bulls and expose the 4/27 low at 89.82.  Similar to CAD/JPY, declining daily oscillators lend a bearish tone and is reinforced by a recent negative MACD cross.  A bounce off of trendline support runs into the 23.6% and 38.2% fibos of 92.77-90.44 at 90.99 and 91.33.

NZD/JPY â�,�“ Sometimes, an inexact science produces exactly the results one was looking for.  Such was the case with NZD/JPY.  â�,��"Bolstering the bearish outlook is a head and shoulders continuation patternâ�,� from last week proved visionary as the rout is on and the pair trades nearly 350 pips lower than it did on 5/2.  If this is a 3rd wave of a larger 3rd wave (which it looks like), then hang on because the ride may last awhile.  Supports come in at the 138.2% and 161.8% extensions of wave 1 (87.05-77.45) at 68.78 and 66.50.  In the event that this break below the 3/28 low is fails, 70.47 may be resistance (3/28 low) followed by the 5/3 high at 73.12.

Jamie Saettele is a Technical Currency Analyst for FXCM.