Technical analysis CHFJPY for 18.07.2023

The Tenkan-sen line is located above the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is descending. Instrument is traded between Tenkan-se and Kijun-sen lines. The closest resistance is the level 163.100. The closest support is the level 158.910

Key levels

• 165.340 , 163.100, 158.910, 156.790, 154.620

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 163.100, with Take Profit of 165.340 and Stop Loss of 161.090

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 158.910, with Take Profit of 156.790 and Stop Loss of 161.090