AUD/JPY: Ichimoku clouds 22 May 2018, 08:03

AUD/JPY: Ichimoku clouds

22 May 2018, 08:03

Scenario
Timeframe	Intraday
Recommendation	BUY
Entry Point	84.04
Take Profit	84.50
Stop Loss	83.25
Key Levels	83.67 83.69 84.50 84.65

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 above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (83.67). One of the previous maximums of Chikou Span line is expected to be a resistance level (84.50).



On the daily 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 has broken through the cloud and slowed down its growth. The closest support level is the upper border of the cloud (83.69). One of the previous maximums of Chikou Span line is expected to be a resistance level (84.65).

It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (84.50) line and Stop Loss at the level of Kijun-sen line (83.25).