CHFJPY currency pair over the last five months moved in consolidation. As a result of ongoing since mid-September mild growth, in late October, the market overcame a downtrend line running from June last year.
Since then increases significantly accelerated as a result of which yesterday was broken top of the aforementioned consolidation. If in the near future supply does not negate the breakout, then we could expect a lasting change in market sentiment and continuation of growth at least in the vicinity of the zone of resistance and the level of 112.25.
We should pay special attention that since the defeat of downtrend line on October 27 this year. the market has not tested it from the top as a support which could suggest pro-bearish scenario in the near future.
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But as long as we are above the level of 108.92 the prevailing trend is actual and I would be wary of opening any short positions.
