EUR/JPY: ICHIMOKU INDICATORS ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 156.56 |
| Take Profit | 154.54 |
| Stop Loss | 157.06 |
| Key Levels | 154.54, 154.60, 157.06, 157.11 |
Let's look at the four-hour 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 above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (154.54). The closest resistance level is the upper border of the cloud (157.06).
On the daily chart Tenkan-sen and Kijun-sen lines have merged, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument has entered the cloud. One of the previous minimums of Chikou Span line is expected to be a support level (154.60). The closest resistance level is Kijun-sen line (157.11).
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 (154.54) and Stop Loss at the lower border of the cloud (157.06).
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