Technical analysis CHFJPY for 11.08.2023

The Tenkan-sen line is located above the Kijun-sen line. Red is directed upwards, while blue remains horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ascending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest resistance is the level 166.990. The closest support is the level 163.100

Key levels

• 169.110, 166.990, 163.100, 161.080, 159.000

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 166.990, with Take Profit of 169.110 and Stop Loss of 165.050

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 163.100, with Take Profit of 161.080 and Stop Loss of 165.050