EUR/JPY: Ichimoku clouds
Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. 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. One of the previous minimums of Chikou Span line is expected to be a support level (130.07). One of the previous maximums of Chikou Span line is expected to be a resistance level (130.63).
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 is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (129.60). One of the previous maximums of Chikou Span line is expected to be a resistance level (130.65).
Long trades can be opened as soon as we get a confirmative signal from Chikou Span line (the line should cross the price chart). Presumable entry point is 130.70, Take Profit – 131.50, Stop Loss – 129.60.
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 is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (129.60). One of the previous maximums of Chikou Span line is expected to be a resistance level (130.65).
Long trades can be opened as soon as we get a confirmative signal from Chikou Span line (the line should cross the price chart). Presumable entry point is 130.70, Take Profit – 131.50, Stop Loss – 129.60.
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