CAD/JPY ââ,¬â€œ CADJPY weakness extended to 101.56 on 11/24 but bulls have managed to bid the pair to former support (now resistance) at 102.89.  Todayââ,¬â"¢s high at 102.98 is just above the 38.2% fibo of 104.83-101.56 at 102.80.  The rally from 101.56 is choppy and as such is considered corrective in nature.  Additionally, hourly RSI is declining from above 70 ââ,¬â€œ this favors a return to the downtrend that began near 106.00.

CHF/JPY ââ,¬â€œThe CHFJPY blasted through the 8/31 high at 95.65 and strength has extended to just below 96.50.  The next bullish target for the pair would be the 138.2% fibo of 92.19-78.86 at 97.24.  The 161.8% fibo is at 100.41, which is just below the 1998 high at 100.85.  We have focused on the formation on the daily for a while ââ,¬â€œ and weââ,¬â"¢ll discuss it here again.  That is, since May of 2003, the CHFJPY has traced out a 5 wave ending diagonal pattern.  The pattern often ends with a thrust through the top of the resistance line towards a level that is related in a Fibonacci multiple to the widest portion of the triangle.  In this case, the Fibonacci levels are 97.24 and 100.41.

NZD/JPY ââ,¬â€œ Since the beginning of October, NZDJPY has ranged between 77.37 and 79.47.  The pair has most recently bounced from the lower end of that range and is currently at the 50% fibo of 79.18-77.37 at 78.26.  Since the 10/23 high at 79.47, each swing high has been lower and each low equal (or within 1 pip of the previous low).  This takes on the form then of a descending triangle, which is bearish.  A break below the triple bottom at 77.37 is required in order to suggest additional weakness.  The top of the triangle must hold near 79 if the triangle is to remain intact.

Jamie Saettele is a Technical Currency Analyst for FXCM.