EUR/JPY: ICHIMOKU INDICATORS ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | BUY |
| Entry Point | 160.617 |
| Take Profit | 163.821 |
| Stop Loss | 159.257 |
| Key Levels | 163.821, 159.257, 157.671, 162.235 |
Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is approaching the price chart from below, 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 (163.821). The closest resistance level is Tenkan-sen line (159.257).
On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is ascending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (157.671). The closest resistance level is Tenkan-sen line (162.235).
On the four-hour chart the instrument is still rising. On the daily chart the Bearish trend is still strong. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (163.821) line and Stop Loss at the level of Kijun-sen line (159.257).
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