Technical analysis CHFJPY for 04.09.2023

The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest resistance is the level 166.380. The closest support is the level 163.760

Key levels

• 168.170, 166.380, 163.760, 161.450, 159.410

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 166.380, with Take Profit of 168.170 and Stop Loss of 165.050

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 163.760, with Take Profit of 161.450 and Stop Loss of 165.050