Tuesday, April 19, 2016

GBP/JPY: Ichimoku Clouds






Scenario
Timeframe Intraday
Recommendation BUY
Entry Point 157.09
Take Profit 161.85
Stop Loss 156.70
Key Levels 152.15 156.70 160.83 161.85
 
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 the upper border of the cloud (156.70). One of the previous maximums of Chikou Span line is expected to be a resistance level (161.85). 
 
On the daily 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 has been corrected to the Tenkan-sen line. One of the previous minimums of Chikou Span line is expected to be a support level (152.15). The closest resistance level is the lower border of the cloud (160.83).
On the four-hour chart the instrument is still rising. On the daily chart the Bearish trend is still strong. It is recommended to open long positions at current price with the target at the level of previous maximum of Chikou Span line (161.85) and Stop Loss at the upper border of the cloud (156.70).

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