Technical Check - USDJPY, EURJPY, CADJPY and CHFJPY

USDJPY

The pair has finally decisively weakened through an important support near 116.60-50 area marking a trend-line support, held since Dec. 2014. Hence, from current levels the pair seems to extend its near-term weakness, possibly towards Dec. 2014 lows support near 115.50 region with Jan. 2015 lows, near 116.00-115.85 region acting as intermediate support. Considering the pair's decisive break-through an important trend-line support, it now seems vulnerable to continue drifting lower in the near-term, towards testing sub-114.00 mark support representing 23.6% Fib. retracement level of its big up-move from Oct. 2011 lows to multi-year highs touched in May 2015. Meanwhile on the upside, sustained trade back above the important support break-point could easily lift the pair back towards 118.00 mark, which now seems to act as immediate strong resistance and thus, only a decisive strength above 118.00 mark might negate the near-term bearish outlook for the pair.

EURJPY

The pair's possibly break-down below a well-established descending trend-channel formation on daily chart. Decisive break-through a well-established trend-channel seems more likely to extend the pair's near-term downward trajectory towards retesting April 2015 lows support near 126.00 mark. Subsequent drop below 126.00 mark is likely to be followed by additional weakness in the near-term towards testing its next major support near 123.00 mark. Meanwhile, any attempts of recovery from current levels is now likely to confront strong resistance near 128.80-129.00 area. Only a sustained move above 129.00 mark is likely to assist the pair in registering further recovery towards its next major resistance at 100-day SMA, currently near 131.00 mark.

CADJPY

Extending its sharp fall, the pair has now dropped below 80.00 psychological mark for the first time since Nov. 2012. Also on 1-hourly chart, the pair clearly seems to be trending lower within a short-term descending trend-channel and is currently witnessing a bounce back from the lower trend-line support of the channel. Should the pair manage to extend its recovery to move back above 80.00 mark, it seems to witness an immediate short-covering rally towards testing the upper trend-line resistance of the channel, currently near 81.00 mark. On the downside, the lower trend-line support of the channel, currently near 79.00 mark, might continue to protect immediate downside. Failure to hold this immediate support is likely to trigger a fresh leg of weakening trend for the pair, initially towards 76.50-30 intermediate horizontal support and eventually towards May 2012 lows support near 74.50 region. Considering the pair's near-term oversold conditions, it seems more likely to witness a relief rally before resuming its previous down-trend.

CHFJPY

Reversal from an important resistance confluence near 123.80-124.00 area, comprising of 100-day SMA and the upper trend-line resistance of a well-established descending trend-channel, has now dragged the pair below the lower trend-line support of the channel. Sustained trade below 116.60-50 trend-channel support and a subsequent weakness below 116.00 mark is likely to increase the pair's vulnerability to continue drifting lower towards testing its next major support near 114.00 mark in the near-term. Meanwhile, any attempts of recovery beyond the trend-channel support break-point near 116.60-50 area, now turned immediate resistance, and a subsequent move back above 117.00 round figure mark is likely to gain momentum towards 118.50 strong resistance. This 118.50 horizontal resistance area now seems to cap any attempts of recovery for the pair in the near-term.

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