EUR/JPY: Ichimoku clouds 14 September 2017, 07:00

EUR/JPY: Ichimoku clouds

14 September 2017, 07:00

Scenario
Timeframe	Intraday
Recommendation	BUY
Entry Point	131.36
Take Profit	131.95
Stop Loss	131.15
Key Levels	131.15, 131.58, 131.95

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is the upper border of the cloud (131.15). The closest resistance level is Tenkan-sen line (131.58).



On the daily chart Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from below, current cloud is ascending. The instrument has broken through Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (130.68). One of the previous maximums of Chikou Span line is expected to be a resistance level (131.78).

On the four-hour chart we can see a correction of the upward movement. 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 (131.95) and Stop Loss at the upper border of the cloud (131.15).