Tuesday, April 19, 2016

EUR/JPY: Ichimoku Clouds


Scenario
Timeframe Intraday
Recommendation SELL STOP
Entry Point 123.40
Take Profit 121.90
Stop Loss 125.35
Key Levels 123.05, 124.95
Alternative Scenario
Recommendation BUY STOP
Entry Point 125.35
Take Profit 126.80
Stop Loss 123.40
Key Levels 123.05, 124.95
 
Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span has crossed the price chart from below, current cloud is descending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (123.40). The closest resistance level is the lower border of the cloud (125.35). 
 
On the daily chart Tenkan-sen line is below Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span has crossed the price chart from above, current cloud is descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (123.05). The closest resistance level is Kijun-sen line (124.95).
On the both charts the instrument is still rising. It is not recommended to open positions at current price. Pending orders should be placed at the cloud’s borders: sell at the level of 123.40, with Take Profit at 121.90 and Stop Loss at 125.35; buy at the level of 125.35, with Take Profit at 126.80 and Stop Loss at 123.40.

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