By DailyFX - CAD/JPY * CAD/JPY broke through the bottom (102.30 * 4/19 low) of its 2 week range yesterday and continued downward until its...

... 50% fibo of 97.11-104.10 at 100.61.

A negative MACD cross just above the 0 line occurred in response to yesterday’s rapid
decline and daily RSI now slopes downward and is below the 50 midpoint. Resting
just below, near 100.10/20, is a medium term trendline that began on 1/9. A break
below there targets a zone between the 3/27 and 3/28 lows at 99.30/42. The pair has
digested losses between 100.41/93, resulting in positive divergence with oscillators
on the hourly and giving scope to a contra move. Initial resistance comes in at the
23.6% fibo of 103.61-100.42 at 101.17.

CHF/JPY * CHF/JPY looks very similar to CAD/JPY in that the pair simply ate through
support. Support from the 50% fibo of 87.62-92.72 at 90.17 halted the slide.
Consolidation has taken place between 89.94 and 90.34. A break above 90.34 targets
the 23.6% fibo of the move down from 92.72 to 89.94 at 90.59. Hourly oscillators
give this suggestion a possibility as RSI is rising from oversold levels and
approaching 50. A continuation of the downward move first encounters last night’s
Tokyo low at 89.94 with a break below exposing the confluence of the 200 day SMA /
61.8% fibo of 87.62-92.72 at 89.51/57.

NZD/JPY * Surprise! * the bottom also fell out of NZD/JPY and the pair found support
after a 200 pip decline just near its 4/10 low at 71.64. The rapid decline gives
oscillators on the daily a bearish look with MACD histogram sloping down and a
recent negative stochastic cross above 80. A break below .7160 targets the 3/28 low
at 70.47. The high of the recent consolidation is 72.15. A break beyond that level
targets the 20 day SMA at 72.60. The bias is bearish however until a break above
the double top formed by the 4/19 and 4/20 highs at 74.68.


Jamie Saettele
Forex Capital Markets LLC
New York, NY 10005
Tel (212) 897-7660
Fax (212) 897-7669
Toll Free 888-503-6739
jsaettele@dailyfx.com
By DailyFX