CAD/JPY ââ,¬â€œ CAD/JPY continues to trade in a large correction of the enormous uptrend to 105.02.  The last week has seen range trading concentrated around the confluence of the 200 day SMA / 78.6% fibo of 97.11-104.11 / medium term trendline at 98.61.  This area of support could prove difficult to breach.  Daily oscillators are turning up and MACD slope is positive.  A rally towards the top of the range (near 103.72) encounters resistance from the multiple Fibonacci levels of 103.72-98.28, including the 61.8% fibo at 101.62.         

CHF/JPY ââ,¬â€œ CHF/JPY has fallen today after forming a triple top on the daily.  Trading in a large symmetrical triangle, support is at the lower supporting line near 91.15/30.  A break below the triangle could see a breakout lead to a material decline as volatility has contracted and this pair is tightened like a spring.  Support below the triangle is at the 38.2% fibo of 84.73-93.10 / 4/27 low at 89.82/91.  Improving the bearish outlook is the negative divergence at the triple top with oscillators on the daily.  Resistance is at todayââ,¬â"¢s high of 92.78 followed by the 12/12/05 high at 93.11.

NZD/JPY ââ,¬â€œ NZD/JPY trades within a corrective wave 4 of a larger 5th wave.  The pair has slowly crawled from the 67.76 low on 5/15 to back above .6900.  The 5/9 low and 5/11 high form a zone of resistance between 69.62 and 70.22.  Additional resistance is at the 38.2% fibo of 74.69-67.74 at 70.37.  The correction from 67.76 to 69.62 has held above a short term supporting trendline.  A break of that line exposes the 5/17 low at 68.14 and ultimately the 5/15 low at 67.76.

Jamie Saettele is a Technical Currency Analyst for FXCM.