Apr 9, 2020, 4:40:59 AM

EUR/JPY: Ichimoku clouds



Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is descending. The instrument has been corrected to the Tenkan-sen line. The closest support level is Kijun-sen line (117.882). The closest resistance level is the lower border of the cloud (118.746).




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 below the price chart, current cloud is descending. The instrument has been corrected to the Tenkan-sen line. One of the previous minimums of Chikou Span line is expected to be a support level (117.831). The closest resistance level is Kijun-sen line (118.634).


On the four-hour chart the instrument is trading within the cloud. On the daily chart we can see a correction of the downward movement. It is not recommended to open positions at current price. Pending orders should be placed at the cloud’s borders: sell at the level of 117.702, with Take Profit at 116.982 and Stop Loss at 117.900; buy at the level of 118.746, with Take Profit at 119.518 and Stop Loss at 118.356.

Scenario

  • Timeframe

    Weekly

  • Recommendation

    SELL STOP

  • Entry Point

    117.702

  • Take Profit

    116.982

  • Stop Loss

    117.900

  • Key Levels

    117.831, 117.882, 118.634, 118.746

Alternative scenario

  • Timeframe

    Weekly

  • Recommendation

    BUY STOP

  • Entry Point

    118.746

  • Take Profit

    119.518

  • Stop Loss

    118.356

  • Key Levels

    117.831, 117.882, 118.634, 118.746

Tifia trading account

Open

EUR/JPY forecast for today.