EUR/JPY: Ichimoku Clouds

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26 April 2016, 03:28

Scenario
Timeframe	Intraday
Recommendation	SELL
Entry Point	125.26
Take Profit	123.62
Stop Loss	126.32
Key Levels	123.62, 124.29, 124.97, 126.32

 

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are 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 (125.16). One of the previous maximums of Chikou Span line is expected to be a resistance level (125.47).

  

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below 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 Kijun-sen line (124.97). One of the previous maximums of Chikou Span line is expected to be a resistance level (126.32).
On the both charts the instrument is still falling.

 

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