CAD/JPY ââ,¬â€œ CAD/JPY continues to look rather bearish as the pair now trades below (just barely below) its 200 day SMA for the firs time in nearly a year.  Price has remained below the symmetrical triangle that was broken one week ago to the downside and is currently supported by the 23.6% fibo of 78.49-105.00 at 98.77.  Wave count on the hourly gives scope to continued weakness through either an extended 3rd wave or regular 5th wave to the 127%, 138.2%, or 161.8% Fibonacci extensions of 102.81-99.91 at 97.62, 97.29, or 96.62.  Countertrend moves to the upside contend with resistance from todayââ,¬â"¢s high at 99.43 as well as the 5/9 low at 99.91.

CHF/JPY ââ,¬â€œ CHF/JPY is supported by a steep trendline from late February at 91.00.  Price action on the daily is choppy above the trendline.  Taking a look at oscillators on the daily for clues suggest that the bias is bearish with CCI < 0, momentum < 0, RSI < 50, and MACD slope < 0.  Considering the many times that the pair has tested the mentioned supporting trendline, a break below could lead to a rather material decline.  Support is at the 5/10 low of 90.43 and the 4/27 low of 89.28.  A bounce off of current trendline support challenges resistance at the confluence of the 61.8% fibo of 92.76-90.43 / 5/12 high at 91.87/95.

NZD/JPY ââ,¬â€œ Kiwi has continued to fall against the Yen and ride along its lower Bollinger band on the daily.  Positive divergence with RSI and MACD on the daily chart does suggest that we could see some consolidation of recent losses.  A contra move meets resistance at the 23.6% fibo of 74.69-67.75 at 69.38 followed by the 10 day SMA at 70.34.  Continued weakness encounters the next major support at the 161.8% fibo extension of 87.05-77.45 at 66.40.

Jamie Saettele is a Technical Currency Analyst for FXCM.