Technical analysis CHFJPY for 11.07.2023

The Tenkan-sen line is located below the Kijun-sen line. Blue is directed downward, while red remains horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest resistance is the level 161.480. The closest support is the level 157.630

Key levels

• 164.030, 161.480, 157.630, 155.080, 152.410

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 161.480, with Take Profit of 164.030 and Stop Loss of 159.570

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 157.630, with Take Profit of 155.080 and Stop Loss of 159.570