Technical analysis CHFJPY for 06.12.2023

The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span crosses bottom upward the price chart. In this case, the cloud is descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest resistance is the level 168.860. The closest support is the level 167.550

Key levels

• 170.150, 169.580, 168.860, 167.550, 166.710, 165.960

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 168.860, with Take Profit of 169.580 and Stop Loss of 168.180

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 167.550, with Take Profit of 166.710 and Stop Loss of 168.180