EUR/JPY: Ichimoku clouds 15 May 2018, 08:16

EUR/JPY: Ichimoku clouds

15 May 2018, 08:16

Scenario
Timeframe	Weekly
Recommendation	SELL STOP
Entry Point	130.15
Take Profit	129.40
Stop Loss	131.20
Key Levels	130.50, 133.20

Alternative scenario
Recommendation	BUY STOP
Entry Point	131.20
Take Profit	131.85
Stop Loss	130.15
Key Levels	130.50, 133.20

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the blue line is directed upwards, while the red one remains horizontal. Confirmative line Chikou Span is above the price chart, 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 (130.15). The closest resistance level is the lower border of the cloud (131.20).



On the daily chart Tenkan-sen line is below Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud has reversed from ascending to descending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (130.50). The closest resistance level is the lower border of the cloud (133.20).

On the four-hour chart the instrument is trading within the cloud. 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 130.15, with Take Profit at 129.40 and Stop Loss at 131.20; buy at the level of 131.20, with Take Profit at 131.85 and Stop Loss at 130.15.