Technical analysis CHFJPY for 02.11.2023

The Tenkan-sen line is located above the Kijun-sen line. Red is directed downward, while blue remains horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument adjusted to the Kijun-sen line. The closest resistance is the level 166.720. The closest support is the level 165.100

Key levels

• 168.200, 167.550, 166.720, 165.100, 164.270, 163.220

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 166.720, with Take Profit of 167.550 and Stop Loss of 166.100

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 165.100, with Take Profit of 164.270 and Stop Loss of 166.100