AUD/JPY: Ichimoku clouds 24 January 2019, 08:09

AUD/JPY: Ichimoku clouds

24 January 2019, 08:09

Scenario
Timeframe	Weekly
Recommendation	SELL STOP
Entry Point	78.00
Take Profit	77.32
Stop Loss	78.30
Key Levels	75.78, 78.32

Alternative scenario
Recommendation	BUY STOP
Entry Point	78.30
Take Profit	78.82
Stop Loss	78.00
Key Levels	75.78, 78.32

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span has crossed the price chart from above, current cloud is ascending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (78.00). The closest resistance level is the lower border of the cloud (78.30).



On the daily chart Tenkan-sen line is above Kijun-sen, the blue line is directed downwards, while the red one remains 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 Kijun-sen line (75.78). The closest resistance level is Tenkan-sen line (78.32).

On the four-hour chart the instrument is trading within the cloud. On the daily chart we can see a correction of the downward movement. 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 78.00, with Take Profit at 77.32 and Stop Loss at 78.30; buy at the level of 78.30, with Take Profit at 78.82 and Stop Loss at 78.00.