CAD/JPY: ICHIMOKU INDICATORS ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 110.056 |
| Take Profit | 112.995 |
| Stop Loss | 108.826 |
| Key Levels | 109.573, 110.530, 109.320, 110.861 |
Let's look at the four-hour chart. Tenkan-sen and Kijun-sen lines have merged, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from below, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (109.573). One of the previous maximums of Chikou Span line is expected to be a resistance level (110.530).
On the daily chart Tenkan-sen line is above Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud has reversed from descending to ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (109.320). One of the previous maximums of Chikou Span line is expected to be a resistance level (110.861).
It is recommended to open long positions at current price with the target at the level of previous maximum of Chikou Span line (112.995) and Stop Loss at the upper border of the cloud (108.826).
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