CAD/JPY ââ,¬â€œ The CADJPY broke below the 18 month trendline drawn off of the April 2005, August 2006 and October 2006 lows on 10/31 but has since rallied back to test the other side of the trendline as resistance.  Selling pressure at the current juncture is reinforced by the confluence of the 61.8% fibo of 105.99-102.89 / 20 day SMA at 104.78/80.  A break above 104.83 exposes the 78.6% at 105.32.  It takes a break below the 200 day SMA (at 102.85 and just below the 11/2 low at 102.89) to suggest that the larger trend has turned lower.

CHF/JPY ââ,¬â€œ CHFJPY continues to tighten as the pair moves towards the apex of a 2 month triangle.  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) ââ,¬â€œ 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 ââ,¬â€œ NZDJPY seems to be rolling over as the pair is in the process of printing its first red daily candle in 8 days.  Momentum is down as evidenced by the negative 10, 20 day SMA crossover.  The 10/23 high at 79.47 remains resistance and must hold in order to keep the immediate bearish possibilities intact.  A break below 77.37 instills confidence in the downside and exposes the 9/22 low at 76.32and the 9/8 low at 73.97.

Jamie Saettele is a Technical Currency Analyst for FXCM.