EUR/JPY: Ichimoku clouds
18 September 2017, 08:30| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 132.900 |
| Take Profit | 133.450 |
| Stop Loss | 131.832 |
| Key Levels | 131.209 131.832 133.450 133.680 |
Let's look at the four-hour chart. Tenkan-sen and Kijun-sen lines have merged, the lines are 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. Merged Tenkan-sen and Kijun-sen lines have become a strong support level (131.832). One of the previous maximums of Chikou Span line is expected to be a resistance level (133.450).
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 is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (131.209). One of the previous maximums of Chikou Span line is expected to be a resistance level (133.680).
It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (133.450) line and Stop Loss at the level of Kijun-sen line (131.832).
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