1. CAD/JPY
2. CHF/JPY
3. NZD/JPY

CAD/JPY - Canadian dollar bulls remained on a bid side of the market as they captured more territory from the Japanese yen longs and continued to establish new all time trading 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 97.58, a 1.382 Fib Extension of the Jun-Nov 2004 CAD rally, with sustained momentum to the upside will most likely see the CAD take on the yen defenses at 98..81, a 1.500 Fib Extension of the Jun-Nov 2004 CAD rally. However a reversal from these levels will most likely see the cross test the Loonie bids around 93.94, a level marked by the 20-day SMA. Indicators remain in favor of the Canadian dollar traders with both MACD and momentum indicator above the zero line, while overbought oscillators give the yen longs a chance to take back previously lost territory. 

Key Levels & Technical Indicators

CHF/JPY - Swiss Franc longs remained virtually unchanged as the cross treaded sideways within an upward sloping channel. A decisive move by the yen longs will most likely see the Swiss Franc bulls retreat and break below the channel's lower boundary with the initial move to the downside taking on 86.33, 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, which currently acts as a gateway to the psychologically important 85.00 figure. Indicators favor the Japanese yen bulls with both momentum indicator and MACD below the zero line, with oversold Stochastic signaling a potential relief for the CHF longs.

Key Levels & Technical Indicators

NZD/JPY - New Zealand dollar bulls were pounded across the board and the clash with the Japanese yen is no exception as Kiwi longs retreated from the multi-year high at 78.63. However as long the as the cross remains in an upward sloping channel, the NZD bulls still have a fighting chance and an ability to test the recent highs, but a break below the channel's lower boundary will most likely see the NZDJPY head lower and test the New Zealand dollar defenses around 76.11, a level marked by the 200-day SMA. A further move to the upside will most likely see the yen bulls make their way toward the psychically important 75.00 handle, a level that is being defended by the July 7 daily low at 75.16. Indicators support the Japanese with ADX falling below the key 25 mark, while indicators diverge with MACD sloping down toward the zero line and momentum indicator treading below the zero line, with neutral oscillators giving either side a fighting chance.

Key Levels & Technical Indicators

Chart of the Moment

Sam Shenker is a Technical Currency Analyst for FXCM.