AUD/JPY: Ichimoku clouds 15 September 2017, 07:36

AUD/JPY: Ichimoku clouds

15 September 2017, 07:36

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	88.25
Take Profit	89.00
Stop Loss	87.60
Key Levels	88.20, 88.45

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the blue line is directed upwards, while the red one remains 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 (88.20). One of the previous maximums of Chikou Span line is expected to be a resistance level (88.45).



On the daily 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 has broken through the cloud and is still rising. The closest support level is Tenkan-sen line (87.60). One of the previous maximums of Chikou Span line is expected to be a resistance level (89.00).

It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (89.00) line and Stop Loss at the level of Kijun-sen line (87.60).