Mar 26, 2020, 9:09:40 PM
CAD/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 Kijun-sen line (77.21). One of the previous maximums of Chikou Span line is expected to be a resistance level (79.50).
On the daily chart Tenkan-sen line is below Kijun-sen, the blue line is directed downwards, while the red one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (76.13). The closest resistance level is Kijun-sen line (78.67).
On the four-hour chart the instrument is still rising. On the daily chart the Bearish trend is still strong. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (79.50) line and Stop Loss at the level of Kijun-sen line (77.21).
76.13, 77.21, 79.50, 78.67