EUR/JPY: Ichimoku clouds 07 September 2017, 20:37

EUR/JPY: Ichimoku clouds

07 September 2017, 20:37

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	130.35
Take Profit	131.41
Stop Loss	130.07
Key Levels	129.62, 130.07, 131.41

Let's look at the four-hour chart. Tenkan-sen line is crossing Kijun-sen from below, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is approaching the price chart from below, current cloud is going to reverse from ascending to descending. The instrument has been corrected to the Tenkan-sen line. The closest support level is Tenkan-sen line (130.38). The closest resistance level is the upper border of the cloud (130.90).



On the daily chart Tenkan-sen line has crossed Kijun-sen from below, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is crossing the price chart from above, current cloud is ascending. The instrument has been corrected to the Tenkan-sen line. The closest support level is the upper border of the cloud (130.07). One of the previous maximums of Chikou Span line is expected to be a resistance level (131.41).

On the four-hour chart the instrument is trading within the cloud. On the daily chart the Bullish trend is still strong. It is recommended to open long positions at current price with the target at the level of previous maximum of Chikou Span line (131.41) and Stop Loss at the upper border of the cloud (130.07).