AUD/JPY: Ichimoku clouds 07 May 2018, 09:36

AUD/JPY: Ichimoku clouds

07 May 2018, 09:36

Scenario
Timeframe	Weekly
Recommendation	SELL STOP
Entry Point	82.00
Take Profit	80.55
Stop Loss	83.65
Key Levels	82.05, 82.15

Alternative scenario
Recommendation	BUY STOP
Entry Point	83.65
Take Profit	85.60
Stop Loss	82.00
Key Levels	82.05, 82.15

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 descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (82.05). The closest resistance level is Kijun-sen line (82.15).



On the daily chart Tenkan-sen line has crossed Kijun-sen from above, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is approaching the price chart from above, current cloud has reversed from descending to ascending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (82.00). The closest resistance level is the lower border of the cloud (83.65).

On the four-hour chart the instrument is still falling. On the daily chart the instrument is trading within the cloud. It is not recommended to open positions at current price. Pending orders should be placed at the cloud’s borders: sell at the level of 82.00, with Take Profit at 80.55 and Stop Loss at 83.65; buy at the level of 83.65, with Take Profit at 85.60 and Stop Loss at 82.00.