1. CADJPY
2. CHFJPY
3. NZDJPY

CAD/JPY - Canadian dollar bulls pushed deeper into the Japanese yen territory and continued to establish new highs for the cross. As Loonie longs continue to press their luck a move above the 96.50 line will most likely see the cross take on the yen offers around 96.12, a 1.236 Fib Extension of the Jun-Nov 2004 CAD rally, with a further move to the upside will most likely see the CAD take on the yen defenses at 97.74, a 1.382 Fib Extension of the Jun-Nov 2004 CAD rally. Indicators remain in favor of the Canadian dollar traders with both MACD and momentum indicator above the zero line, while overbought Stochastic might give the yen longs a chance to take back previously lost territory. 

Key Levels & Technical Indicators

CHF/JPY - Swiss Franc longs continued to head lower after the Japanese yen took control of the price action despite the cross remaining confined to the upward sloping channel. As Swissie bulls continue to retreat, a move by the yen longs will most likely see the cross test the CHF bids around the channels lower boundary, with a further break in the Swiss Franc defenses seeing the cross take on the 86.32, a 23.6 Fib of the 91.17-84.84 of the JPY rally. A sustained momentum will most likely see the JPY bulls taking on the CHF defenses around 85.55, a defensive line established by the July 21 daily low. Indicators are mixed as momentum indicator is treading below the zero line while MACD remains above the zero line, with oversold Stochastic signaling a potential relief for the CHF longs.

Key Levels & Technical Indicators

NZD/JPY - New Zealand dollar bulls went on an all out bidding warpath and pushed the pair toward the multi year high at 78.63. As the cross remains confined to an upward sloping channel, a break to the upside will most likely see the NZDJPY head toward 78.89, a 50.0 Fib Extension of the Jan-May NZD rally, with sustained momentum seeing the Kiwi longs taking on the Japanese yen offers around 79.78, a 61.8 Fib Extension of the Jan-May NZD rally, which currently acts as a gateway to the psychologically important 80.00 handle. Indicators support the New Zealand dollar by signaling trending conditions with ADX above the key 25 mark at 28.29, signaling an existence of a trend not a direction of one. MACD and momentum indicator continue to tread above the zero line, while overbought Stochastic gives yen longs a fighting chance, however given an existence of a trend Stochastic might remain in an overbought territory for extended period of time.

Key Levels & Technical Indicators

Chart of the Moment

Sam Shenker is a Technical Currency Analyst for FXCM.