EUR/JPY - We mentioned last week that "bearish divergence with oscillators on the daily suggests that we are on the verge of a decline."  EUR/JPY has plummeted the last 3 days from 148.03 to below 146.00.  A continued decline targets the 38.2% fibo of 140.20-148.03 at 145.04 (7/10 low is at 145.01).  Still, we could have a bounce before or at 145.50 - which is where a 5th (begins at 146.53) wave would equal the length of the 3rd wave (147.12-146.11).  The larger picture remains bearish though.  In fact, if the pair ends North American trading today below 146.35 - EUR/JPY will have ended the month down for the first time since February 2006.  The pair would also have formed a reverse hammer candlestick on the monthly.  

EUR/CHF - EUR/CHF is forming the right shoulder of a head and shoulders reversal pattern.  A break below yesterday's low at 1.5704 would complete the pattern and provide a bearish bias.  Support would be at the 7/21 low at 1.5684 and a supporting trendline from the 5/18 low at 1.5448.  The trendline is currently at about 1.5620 and increase roughly 5 pips per day.  Oscillators on the daily have turned down from overbought levels - indicating a turn towards weakness.

EUR/GBP - EURGBP found support at the 6/19 low at .6910 last Monday but the advance has been uninspiring and is corrective.  This opens up the door for another leg of weakness to challenge a long term supporting trendline (from June 2004 low at .6542) near .6775.  Oscillators on the hourly are back to bearish after the bounce from .6807.  Daily oscillators have remained bearish throughout as CCI is less than 0 and RSI is less than 50.

Jamie Saettele is a Technical Currency Analyst for FXCM.