CAD/JPY: ICHIMOKU INDICATORS ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | BUY |
| Entry Point | 109.291 |
| Take Profit | 110.090 |
| Stop Loss | 109.126 |
| Key Levels | 109.126, 109.491, 108.617, 110.000 |
Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are 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. Tenkan-sen and Kijun-sen lines have become support (109.126) and resistance (109.491) levels respectively
On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from below, current cloud is going to reverse from ascending to descending. The instrument is trading around upper border of the cloud. The closest support level is Tenkan-sen line (108.617). The closest resistance level is Tenkan-sen line (110.000).
On the four-hour chart we can see a correction of the upward movement. On the daily chart we can see a correction of the upward movement. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (110.090) line and Stop Loss at the level of Kijun-sen line (109.126).
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