CAD/JPY - CAD/JPY continues to trade within the large 98.30-104.40 range that began back in October 2005.  Oscillators on the daily are predominantly bearish following the 120 pips decline on 7/21.  A continuation of the decline could see support from a potential trendline (from 5/15 low at 98.25) which currently is at about 101.10 (but increases roughly 10 pips per day).  Similarly, a resisting trendline from the 6/29 high at 104.40 currently sits at 103.36 as potential resistance.  The supporting and resisting lines form a triangle on the daily, thus volatility could continue to contract as price approaches the apex of the triangle.  A break higher could propel price to the upper end of the large 10 month range near 104.40.          

CHF/JPY - CHF/JPY has not budged over the last week.   The monthly, weekly, and daily charts all show bearish divergence with oscillators but the long term structure of the uptrend suggests that we may have higher to go before reversing.  The uptrend that began in September 2000 has taken on a 5 wave bullish pattern (labeled).  This final wave has been choppy and is an ascending triangle.  The break above the triangle represents the exhaustion of the move up and breaks above ascending triangles often make one final thrust to a Fibonacci multiple of the widest point of the triangle (which is wave 4 in this case).  Thus, potential turning points are at the 127% fibo of 92.19-78.92 at 95.77, the 138.2% fibo at 97.24 (also a previous top in 1998), and the 161.8% fibo at 100.35 (also former top in 1998).  Support is at the breakout area of the ascending triangle (former resistance) at 91.75/92.20.   

NZD/JPY - NZD/JPY corrected recent gains most of last week and held at the 10 day SMA at 72.19 yesterday.  If the view is that a 5 wave downtrend ended at 67.76 on 5/15, then what should follow from that point is a 3 wave correction.  The third wave of the correction began at 68.90 on 6/28.  Wave 3 (begins at 68.90) would equal wave 1 (67.76-72.35) of the large correction at 73.49 (current level).  However, this is not much  of a correction of the overall downtrend from 87.05 to 67.76.  The 138.2% fibo extension of corrective wave 1 is at 75.24 and the 38.2% fibo retracement of the 87.05-67.76 downtrend is at 75.13.  A rally to those levels would fit the theme of one more thrust in the JPY crosses before a turn.  Hourly RSI is just now falling from overbought levels, thus some weakness in the near term is certainly a possibility.  Initial support is at today's low of 72.56.

Jamie Saettele is a Technical Currency Analyst for FXCM.