EUR/JPY: Ichimoku clouds
06 February 2019, 07:28
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 125.13 |
| Take Profit | 125.95 |
| Stop Loss | 124.90 |
| Key Levels | 124.86, 125.40, 126.25 |
Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is crossing the price chart from above, current cloud is ascending. The instrument has broken down Tenkan-sen and Kijun-sen lines. The closest support level is the upper border of the cloud (124.85). The closest resistance level is Tenkan-sen line (125.40).
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 approaching the price chart from below, current cloud is descending. The instrument has broken through Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (124.86). The closest resistance level is the upper border of the cloud (126.25).
On the four-hour chart we can see the beginning of the trend reversal. On the daily chart we can see the beginning of the trend reversal. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (125.95) line and Stop Loss at the level of Kijun-sen line (124.90).
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