1. CADJPY
2. CHFJPY
3. NZDJPY
CADJPY The rally off of the 3/6 low at 97.50 remains corrective in nature. If the 3/12 high at 101.15 holds as resistance, then a triangle could be forming. If 101.15 gives way, then focus would shift to 102.21, which is where the rally from 98.56 would equal the 97.50-101.15 rally. Either pattern is corrective and suggests that a break lower will occur in the next few weeks.
Key Levels & Technical Indicators
CHFJPY We said last week that the rally off of 94.27 is uninspiring and looks corrective. The pair has traced out a classic 3 wave zigzag correction with the A and C legs of the correction nearly equal. The CHFJPY has rolled over and it is our contention that the next move is to below 94.27. Coming under 96.06 would bolster the bearish outlook.
Key Levels & Technical Indicators
NZDJPY NZDJPY looks exactly the same as CHFJPY. That is, a 3 wave correction has unfolded from 77.42. The A and C legs of the correction are not equal but the pair is rolling over from the 61.8% of 85.83-77.42. A decline under 80.82 would increase confidence that the pair is headed to test the low at 77.42. If 83.00 fails as resistance, then the 78.6% of 85.83-77.42 at 84.02 is in play.
Key Levels & Technical Indicators
Table
CCI(20) 20 day Commodity Channel Index
> 0 bullish
0 > bearish
> 100 extremely bullish
-100 > - extremely bearish
RSI(14) 14 day Relative Strength Index
> 50 bullish
50 > bearish
> 70 overbought
30 > - oversold
MACD ? - MACD slope (MACD MACD[1])
> 0 bullish
0 > - bearish
Mom(21) 21 day Momentum
> 0 bullish
0 > - bearish
ATR(14) 14 day Average True Range (volatility)
Medium 75th percentile* > ATR(14) > 25th percentile*
High - > 75th percentile*
Low 25th percentile* >
*measured against past 3 months
