AUD/JPY: Ichimoku Clouds

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21 April 2016, 00:26

Scenario
Timeframe	Intraday
Recommendation	SELL
Entry Point
Take Profit
Stop Loss
Key Levels

 

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span has crossed 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 (85.21). One of the previous maximums of Chikou Span line is expected to be a resistance level (85.73).

 

On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span has crossed the price chart from below, 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 the upper border of the cloud (84.81). One of the previous maximums of Chikou Span line is expected to be a resistance level (86.23).
On the both charts the instrument is still rising.

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