1. CADJPY
2. CHFJPY
3. NZDJPY
CADJPY CADJPY has continued to range trade near the top of a large symmetrical triangle that began in December 2005. Daily CCI has turned down from above 100 which often signals a turning point. The hourly shows the triangle that the pair has traded in since 6/29 along with the final thrust through the top of the triangle. This structure favors a move down. This is in line with the larger triangle on the daily chart that the pair has formed over the last 9 months. The larger triangle appears to be in a 5th wave down towards the bottom of the triangle near 100.00. A rally above yesterdays high at 103.82 would target the 6/29 high at 104.40.
CHFJPY CHFJPY has ranged between 94.20 and 93.20 the last week. A double top from the 7/17 and 8/10 highs at 94.32 and 94.22 provide resistance but there is little (if any) confidence in the downside until the trendline that stems from the 2/27 low at 87.63 is broken. That line (on daily chart below) is currently at 93.12. A push above the double top (94.22/32) exposes the 127% fibo of 92.19-78.89 at 95.75.
NZDJPY After rallying for 10 consecutive days, NZDJPY finally printed a red daily candle yesterday. The pair was resisted by the confluence of the upper Bollinger band (daily) / upper channel line of the channel that has formed since the 5/15 low at 67.76. Slight bearish divergence with RSI on the daily favors weakness going forward. A rally above yesterdays high at 74.16 targets the 38.2% fibo of 87.07-67.76 at 75.10. Fibo support is at the 38.2% of 70.29-74.16 at 72.68.
