CAD/JPY â�,�“ The range has continued as CADJPY probes the bottom of its 103.64-106.36 2 month range.  Again, 240 minute RSI is increasing from below 30.  The RSI crosses of 30 and 70 on the 240 minute chart have called the turns since 9/20.  Daily oscillators are turning up as well as CCI is extreme at below -100.  A cross above -100 favors the upside.  A break below 103.64 would shift focus to support at the 8/18 and 8/11 lows at 102.69 and 102.05.

CHF/JPY â�,�“ CHFJPY continues to trade in a choppy fashion between 93.04 and 94.88.  Lower swing highs at 94.88 and 94.63 give scope to losses that could test support at 93.28.  Daily oscillators are neutral (very close to midpoints and flat) â�,�“ and indicative of the range trading that has persisted.  A break above 94.88 negates the lower swing high scenario.  Support is stacked from 93.28 to 92.45.

NZD/JPY â�,�“ The NZDJPY did decline last week following our comments that â�,��"The technical picture is overly bearish with bearish divergence at each successive high since August, previous chart congestion from late 2005 and early 2006 and resistance from a long term 61.8% Fibonacci level (the 61.8% of 87.04-67.76 is at 79.65).â�,�  However, the pair has bounced from previous chart congestion that extends to 76.32.  It looks as if a break below 76.32 is required to clean up the picture before one can become more bearish.  The 10/23 high at 79.47 is critical resistance and needs to hold in order to keep a bearish bias intact.

Jamie Saettele is a Technical Currency Analyst for FXCM.