GBP/JPY: Ichimoku Clouds

2016-07-13 07:46 (GMT+2) GBP/JPY 

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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 the upper border of the cloud (135.75). One of the previous maximums of Chikou Span line is expected to be a resistance level (140.00).

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 is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (134.06). The closest resistance level is Kijun-sen line (144.41).

Recommendation

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 (140.00) and Stop Loss at the upper border of the cloud (135.75).

Scenario

Timeframe	Intraday
Recommendation	BUY
Entry Point	138.82
Take Profit	140.00
Stop Loss	135.75
Key Levels	134.06 135.75 140.00 144.41

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