1. CADJPY
2. CHFJPY
3. NZDJPY
CADJPY 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.
CHFJPY 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) 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.
NZDJPY 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.
