Technical analysis CHFJPY for 07.11.2023

The Tenkan-sen line is located above the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span crosses from top to bottom the price chart. In this case, the cloud turned over from descending to ascending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest resistance is the level 167.550. The closest support is the level 165.950

Key levels

• 168.850, 168.200, 167.550, 165.950, 165.100, 164.270

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 167.550, with Take Profit of 168.200 and Stop Loss of 166.750

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 165.950, with Take Profit of 165.100 and Stop Loss of 166.750