Technical analysis CHFJPY for 12.10.2023

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 ascending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest resistance is the level 165.720. The closest support is the level 164.300

Key levels

• 167.390, 166.510, 165.720, 164.300, 163.180, 162.380

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 165.720, with Take Profit of 166.510 and Stop Loss of 165.200

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 164.300, with Take Profit of 163.180 and Stop Loss of 165.200