EUR/JPY: Ichimoku clouds 03 April 2018, 08:52

EUR/JPY: Ichimoku clouds

03 April 2018, 08:52

Scenario
Timeframe	Weekly
Recommendation	SELL
Entry Point	130.45
Take Profit	129.35
Stop Loss	130.70
Key Levels	130.40, 130.80

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is ascending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (130.40). The closest resistance level is the lower border of the cloud (130.80).



On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is approaching the price chart from below, current cloud is descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (130.35). The closest resistance level is Kijun-sen line (130.70).

On the four-hour chart the instrument is trading within the cloud. On the daily chart we can see a correction of the downward movement. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (129.35) and Stop Loss at the level of Kijun-sen line (130.70).