Wednesday, July 13, 2016

EUR/JPY: Ichimoku clouds

2016-07-13 08:04 (GMT+2) EUR/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 descending. The instrument has been corrected to the Tenkan-sen line. The closest support level is Tenkan-sen line (114.80). One of the previous maximums of Chikou Span line is expected to be a resistance level (116.35).


On the daily chart Tenkan-sen line is below Kijun-sen, the blue line is directed downwards, while the red one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (113.60). The closest resistance level is Kijun-sen line (115.80).

Recommendation

It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (116.35) line and Stop Loss at the level of Kijun-sen line (113.60).

Scenario

Timeframe Intraday
Recommendation BUY
Entry Point 115.40
Take Profit 116.35
Stop Loss 113.60
Key Levels 113.60, 115.80

with
 M Samer Al Reifae
Official HiWayFX Representative in Romania
samer@hiwayfx.com
+40 734 277 757
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