CAD/JPY ââ,¬â€œ CADJPY has formed a short term descending triangle following the 9/1 high at 106.36.  The pair is right at the resistance line from the triangle and hourly RSI is turning over from just below 70, favoring the downside in the near term.  Support is at the 9/5 low at 103.91.  The longer trend remains up until a break of the trendline that began in April 2005 at 83.10.  Resistance is at the 9/7 high at 105.89.

CHF/JPY ââ,¬â€œ CHFJPY has rebounded quickly after falling over 200 pips last week.  The recent rally is resisted by the 61.8% fibo of 95.66-93.22 at 94.72 (just above current price) and a former supporting trendline (which is now resistance).  A longer term look shows that former resistance at 93.11 is now support and that the pair remains in a long term uptrend as it remains above a 6 year trendline.  However, each new high is accompanied by a lower high in momentum (thus negative divergence) ââ,¬â€œ suggesting that the upside is limited.

NZD/JPY ââ,¬â€œ NZDJPY fell nearly 300 pips last week and closed below the 40 week SMA but has rebounded this week to the confluence of a resisting line from 77.08 / 50% fibo of 77.08-73.96 at 75.52.  Resistance combined with hourly RSI declining from above 70 suggest near term losses.  However, only a break below last weekââ,¬â"¢s 73.96 low suggests that the pair is entering a protracted downtrend.

Jamie Saettele is a Technical Currency Analyst for FXCM.