GBP/JPY: Ichimoku clouds
On the daily chart Tenkan-sen line is below Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is crossing the price chart from above, current cloud is ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (142.40). The closest resistance level is Kijun-sen line (144.50).
Let's look at the four-hour chart. Tenkan-sen and Kijun-sen lines have merged, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is going to reverse from descending to ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. Merged Tenkan-sen and Kijun-sen lines have become a strong support level (143.00). One of the previous maximums of Chikou Span line is expected to be a resistance level (143.40).
It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (143.40) line and Stop Loss at the level of Kijun-sen line (143.00).