AUD/JPY: Ichimoku clouds
10 January 2019, 09:32
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 77.44 |
| Take Profit | 75.45 |
| Stop Loss | 79.00 |
| Key Levels | 80.00, 76.90, 75.45 |
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 is ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Kijun-sen line (76.90). The closest resistance level is Tenkan-sen line (77.50).
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 above the price chart, current cloud is descending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Kijun-sen line (76.90). The closest resistance level is the upper border of the cloud (80.00).
On the both charts the instrument is still falling. It is recommended to open short positions at current price with the target at the level of previous minimum of Chikou Span line (75.45) and Stop Loss at the lower border of the cloud (79.00).
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