CAD/JPY - Canadian dollar bulls remain confined to a large upward sloping channel that dominated the price action since the middle of June. A reversal from these levels will most likely see the cross test the Loonie bids around 97.54, a level marked by the 20-day SMA, with a further move to the downside most likely seeing the cross test the Canadian dollar defenses around 94.48, a established by 23.6 Fib of the 83.12-99.31 CAD rally a level that is further reinforced by the 50-day SMA, thus seeing the CAD/JPY break below the psychologically important 95.00 handle. A sustained momentum to the downside will most likely see the Japanese yen longs push the cross toward 93.12, a  key 38.2 Fib of the 83.12-99.31 CAD rally. Indicators remain in favor of the Canadian dollar traders with both MACD and momentum indicator above the zero line, while neutral oscillators give either side enough room to maneuver. 

CHF/JPY - Swiss Franc longs succeeded in their attempt to push the cross above the psychologically important 90.00 handle, but failed to break above the large channel's upper boundary that dominated the price action since the middle of July. A counter attack by the yen bulls will most likely see the cross head toward the 89.40, a level marked by the 20-day SMA, with further break to the downside most likely seeing the yen longs make their way toward the 88.76, a 61.8 Fib of the 91.17-84.84 of the JPY rally. A sustained momentum to the downside will most likely see JPY bulls taking on the Swissie defenses around 88.01, a level established by the 50.0 Fib of the 91.17-84.84 of the JPY rally. Indicators remain in favor of the Swiss Franc longs with both momentum indicator and positive MACD above the zero line, while ADX above 25 at 30.11 is signaling an existence of a trend, not a direction of one. Both RSI and Stochastic are signaling overbought conditions thus adding to the trending outlook.

NZD/JPY - New Zealand dollar bulls began losing momentum as their unrelenting assault against the Japanese yen bulls began to lose momentum as the cross approached the 82.00 handle. As Japanese yen bulls try to reestablish their dominance over the price action and push the cross lower, the next move to the downside will most likely see the NZDJPY test the New Zealand dollar defenses around 80.30, a level marked by the 20-day SMA. A further move to the downside most likely seeing the yen longs push the cross  toward 79.32, a 23.6 Fib of the 70.79-81.95 NZD rally, and with sustained momentum seeing the cross test New Zealand dollar defenses around 77.69, a 38.2 Fib of the 70.79-81.95 NZD rally. Indicators signal maturing trend with ADX above the key 25 mark at 51.58, pointing to an existence of a trend, not a direction of one, while both momentum and MACD remain above the zero line. Stochastic and RSI are signaling overbought conditions and are beginning to diverge  thus adding to the outlook that the NZDJPY is beginning to top out.

Sam Shenker is a Technical Currency Analyst for FXCM.