AUD/JPY: Ichimoku clouds
04 January 2018, 08:05| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 88.31 |
| Take Profit | 88.67 |
| Stop Loss | 88.00 |
| Key Levels | 88.40, 87.50 |
Let's look at the four-hour chart. Tenkan-sen and Kijun-sen lines have merged, 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. Merged Tenkan-sen and Kijun-sen lines have become a strong support level (88.00). One of the previous maximums of Chikou Span line is expected to be a resistance level (88.40).
On the daily chart Tenkan-sen line is above Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument has broken through the cloud and is still rising. The closest support level is Tenkan-sen line (87.50). One of the previous maximums of Chikou Span line is expected to be a resistance level (88.67).
On the four-hour chart the instrument is still rising. On the daily chart the instrument has broken through the cloud, forming a strong signal to buy. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (88.67) line and Stop Loss at the level of Kijun-sen line (88.00).
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