EUR/JPY: Ichimoku clouds 21 May 2018, 07:35

EUR/JPY: Ichimoku clouds

21 May 2018, 07:35

Scenario
Timeframe	Intraday
Recommendation	BUY
Entry Point	130.62
Take Profit	131.05
Stop Loss	130.49
Key Levels	130.27, 130.43, 130.50, 130.66, 130.78, 130.95, 130.14.

Let's look at the four-hour chart. Tenkan-sen line is crossing Kijun-sen from below, the lines are horizontal . Confirmative line Chikou Span is approaching the price chart from below, current cloud is ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is the upper border of the cloud (130.49). The closest resistance level is Tenkan-sen line (130.67).



On the daily 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 (130.32). The closest resistance level is the upper border of the cloud (130.87).

It is recommended to open long positions at current price with the target at the level of previous maximum of Chikou Span line (131.05) and Stop Loss at the upper border of the cloud (130.49).