CHFJPY has retrace back up the recent down move to re-test an old swing level – which is now holding as resistance. We can see the small bearish rejection candle that communicates that price wants to hold under the level.
We haven’t seem much bearish follow through – but an inside day has formed with a thick bearish body.
The mean value is also holding well as dynamic resistance which is a great sign of trend stability.
If price breaks the low of the inside day, breaking free of the consolidation pattern – then we might this downtrend stretch out and make it’s next extension into lower lows.Get the 5 most predictable currency pairs