Apr 10, 2020, 6:19:33 AM
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 below the price chart, current cloud is descending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (117.58). The closest resistance level is the lower border of the cloud (118.71).
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 is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (118.02). The closest resistance level is the upper border of the cloud (118.74).
On the four-hour chart the instrument is trading within the cloud. On the daily chart the Bearish trend is still strong. 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 117.58, with Take Profit at 115.20 and Stop Loss at 118.71; buy at the level of 118.71, with Take Profit at 120.30 and Stop Loss at 117.58.
117.58, 118.02, 118.71, 118.74