CAD/JPY ââ,¬â€œ The CADJPY has continued to decline and closed below the 11/2 low and 200 day SMA on 11/17.  The break below bolsters the bearish bias with focus now on the 8/11 low at 102.05.  The 11/16 high at 103.77 is now resistance.  A push above there would limit confidence in the downside.  On the other hand, a two day close below the 200 day SMA would increase confidence in a downside directional bias.  The 200 day SMA has been solid support since May.

CHF/JPY ââ,¬â€œ The CHFJPY rally stalled yesterday at the 78.6% of 95.65-93.04 at 95.08.  A short term supporting trendline from 10/17 keeps the short term bias a bullish one although RSI divergence on the 240 minute chart gives scope to a near term decline.  That line is at 94.42 right now and increases about 6 pips per day.  A drop below the supporting line encounters potential support at the 11/2, 10/18 and 9/15 lows at 93.59, 93.28, and 93.03.  A break above the 8/31 high at 95.65 would shift focus to the 138.2% fibo of 95.65-93.03 at 96.64.

NZD/JPY ââ,¬â€œ Since the beginning of October, NZDJPY has ranged between 77.37 and 79.47.  The pair is at the upper end of that range, just below resistance from the 11/7 and 10/23 highs at 79.21/47.  The 61.8% fibo of 97.04-67.76 at 79.65 reinforces resistance.  240 minute RSI is overbought and a decline below 70 would signal that a turn lower is possibly in the works.  From a pure price perspective, a break below 78.70 would begin to suggest that a deeper decline was underway.

Jamie Saettele is a Technical Currency Analyst for FXCM.