AUD/JPY: Ichimoku Clouds

 

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	2016-07-14 07:44 (GMT+2) AUD/JPY 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 below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. The closest support level is Tenkan-sen line (79.40). The closest resistance level is Tenkan-sen line (80.20). On the daily chart Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is approaching 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 (79.40). The closest resistance level is Tenkan-sen line (80.90).   Recommendation On the four-hour chart we can see a correction of the upward movement. On the daily chart the instrument is trading within the cloud. 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 79.40, with Take Profit at 77.49 and Stop Loss at 80.50; buy at the level of 80.90, with Take Profit at 82.40 and Stop Loss at 80.00.   Scenario Timeframe Weekly Recommendation SELL STOP Entry Point 79.40 Take Profit 77.49 Stop Loss 80.50 Key Levels 79.40, 80.20, 80.90   Alternative scenario Recommendation BUY STOP Entry Point 80.90 Take Profit 82.40 Stop Loss 80.00 Key Levels 80.00, 80.90, 82.40

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