EUR/JPY: Ichimoku clouds



Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (118.73). One of the previous maximums of Chikou Span line is expected to be a resistance level (119.01).




On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from below, current cloud is descending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (118.34). The closest resistance level is the lower border of the cloud (119.62).


It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (118.40) and Stop Loss at the level of Kijun-sen line (119.28).

Scenario

  • Timeframe

    Intraday

  • Recommendation

    SELL

  • Entry Point

    119.06

  • Take Profit

    118.40

  • Stop Loss

    119.28

  • Key Levels

    117.75, 118.20, 118.44, 118.59, 118.74, 119.10, 119.23, 119.35.