CHF/JPY’s rally resumes this week with upside breakout, as Yen clearly under performs in strong risk-on environment. The cross is now pressing an important resistance level at 118.59 (2017 high). Decisive break there will resume whole rise from 101.66 (2016 low). Next medium term target will be 100% projection of 101.66 to 118.59 from 106.71 at 123.67.
It’s early to judge but there is prospect of further upside acceleration through 123.67, if rise from 101.66 is developing into a long term up trend. We’ll see. For now, near term outlook will stay bullish as long as 117.73 resistance turned support holds, even in case of retreat.
