CAD/JPY ââ,¬â€œ CADJPY has slipped to former resistance turned support near 104.40.  Weekly oscillators are divergent with price at the 9/1 high at 106.36 and weekly MACD slope is now negative.  The 9/20 low at 103.64 is initial support and a break below encounters a 4 and a half month trendline near 102.65 (the line increases about 5 pips per day).  A break below the trendline would begin to suggest that a downtrend was underway.

CHF/JPY ââ,¬â€œ After breaking below a 7 month trendline on 9/7, CHFJPY rallied to test the trendline as resistance on 9/14 and 9/19 at 94.50.  In fact, since, 9/5, the pair has ranged between 93.04 and 94.73.  This sets up a breakout play going forward.  Price below the aforementioned trendline and negative MACD slope favor the downside.  The top of the range at 94.73 must hold of course for this to remain a possibility.

NZD/JPY ââ,¬â€œ NZDJPY has spent the last week ranging between 76.32 and 78.63.  The pair has reached the January 2006 congestion area (77.45 to 80.81).  The 61.8% fibo of 87.04-67.79 at 79.68 reinforces the potential resistance.  Slight bearish divergence with daily oscillators, CCI declining from above 100 and RSI declining from above 70 are clues that a top could be forming but a break below the 9/22 low at 76.32 is needed to instill confidence in the downside.

Jamie Saettele is a Technical Currency Analyst for FXCM.