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AUD/JPY: Ichimoku indicators analysis

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AUD/JPY: Ichimoku indicators analysis
Scenario
TimeframeIntraday
RecommendationSELL
Entry Point100.602
Take Profit99.390
Stop Loss100.996
Key Levels99.390, 99.948, 100.996, 102.358
AUD/JPY: Ichimoku indicators analysis

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is approaching the price chart from above, current cloud is ascending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. The closest support level is Tenkan-sen line (100.996). One of the previous maximums of Chikou Span line is expected to be a resistance level (99.390).


AUD/JPY: Ichimoku indicators analysis

On the daily chart Tenkan-sen line is above Kijun-sen, the blue line is directed upwards, while the red one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is descending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is the lower border of the cloud (99.948). One of the previous maximums of Chikou Span line is expected to be a resistance level (102.358).


On the four-hour chart the instrument is still falling. On the daily chart the Bullish trend is still strong. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (99.390) and Stop Loss at the level of Kijun-sen line (100.996).


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