Japanese Yen Crosses Mixed

CADJPY– CADJPY held at a supporting trendline last week and has bounced to test a steep resisting line that stems from the 6/29 high at 104.40. The hourly shows the triangle that the pair has traded in since 6/29. It is likely that the pair will fall to complete a 5th wave within the triangle near the bottom of the triangle near 101.10 or so. This is in line with the larger triangle on the daily chart that the pair has formed over the last 9 months. The larger triangle also appears to be in a 5th wave down towards the bottom of the triangle near 100.00. A rally above the high from today at 102.99 encounters resistance at the 7/17 high of 103.72.

CHFJPY – CHFJPY has rallied off of the 7/31 low at 92.60 to challenge 94.00 yesterday. Daily oscillators are rising but not extreme, so this rally may have more room to go. A break above the 8/7 high at 94.12 would expose the 7/17 high at 94.32 which would result in either a double top or a break higher. If the pair does push above 94.32, then resistance comes in at the 127% fibo of 92.21-78.87 at 95.80. A double top could see the pair return to test the well defined supporting trendline (from the 2/27 low at 87.63) just above 93.00.

NZDJPY– NZDJPY has rallied off of a supporting channel line (from the 5/15 low at 67.76) to challenge the 72.00 figure today. The channel is corrective as evidenced by the ranging nature of the move as well as the preceding 5 wave downtrend. This pair could very well move sideways/higher over the next several weeks to eventually test the 38.2% fibo of 87.04-67.76 at 75.10. A break below the supporting trendline (from the 5/15 low) would re-instill a bearish bias and price would probe the 5/15 low at 67.76.