Tuesday, April 12, 2016

AUD/JPY: Ichimoku clouds



Timeframe Intraday
Recommendation BUY
Entry Point 83.82
Take Profit 86.23
Stop Loss 82.89
Key Levels 81.20, 81.95, 82.89, 83.69, 86.23
 
Let's look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from below, the red line is directed downwards, while the blue 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 upper border of the cloud (83.69). The closest resistance level is Tenkan-sen line (84.41).  
On the daily chart Tenkan-sen line has crossed Kijun-sen from above, the red line is directed downwards, 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. Merged Tenkan-sen and Kijun-sen lines have become a strong support level (83.69). The closest resistance level is the lower border of the cloud (84.81).
On the both charts the instrument is still rising. It is recommended to open long positions at current price with the target at the level of previous maximum of Chikou Span line (86.23) and Stop Loss at the upper border of the cloud (82.89).


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