Sunday, April 24, 2016

AUD/JPY: Ichimoku Clouds

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Scenario
Timeframe Intraday
Recommendation BUY
Entry Point 85.61
Take Profit 86.19
Stop Loss 85.28
Key Levels 84.38 85.28 86.19 86.23
Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. Confirmative line Chikou Span is above the price chart, 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 Kijun-sen line (85.28). One of the previous maximums of Chikou Span line is expected to be a resistance level (86.19). On the daily chart Tenkan-sen line is above Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is above the price chart, 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 (84.38). 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. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (86.19) line and Stop Loss at the level of Kijun-sen line (85.28).
 
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