EUR/JPY: Ichimoku clouds

2016-07-13 08:04 (GMT+2) EUR/JPY

Claws&Horns Analytics provides this content/feature as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by Claws&Horns Analytics; nor any solicitation or incentive provided to subscribe for or sell or purchase any financial instrument or to join and/or terminate any of the trading strategies featuring as Trading Signal solution. The Investor is solely responsible for the choice of the signal provider, choice of trading strategy, choice whether to join or to terminate the relevant Trading Signals feature on his/her trading account and monitoring of the trading activities under Trading Signals feature. All trading or investments you make must be pursuant to your own unprompted and informed self-directed position. Please keep in mind that past performance is no guarantee of future results.

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

LEARN TO TRADE FOREX FOR FREE

with

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

- YOU ARE NEVER LEFT ALONE -

YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS 
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED. 

 Do your own due diligence. 

No one knows tomorrow's price or circumstance. 
 I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader. 
I do not accept responsibility for being incorrect in my speculations on market trend.