AUD/JPY: ICHIMOKU INDICATORS ANALYSIS
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 has broken through Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (98.672). The closest resistance level is the upper border of the cloud (99.718).
On the daily chart Tenkan-sen and Kijun-sen lines have merged, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument has been corrected to the Tenkan-sen line. The closest support level is the lower border of the cloud (97.823). One of the previous maximums of Chikou Span line is expected to be a resistance level (100.610).
On the four-hour chart we can see a correction of the downward 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 the target at the level of previous maximum of Chikou Span line (103.700) and Stop Loss at the upper border of the cloud (97.823).
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