CAD/JPY: ICHIMOKU INDICATORS ANALYSIS

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CAD/JPY: ICHIMOKU INDICATORS ANALYSIS
Scenario
TimeframeIntraday
RecommendationBUY
Entry Point107.835
Take Profit108.847
Stop Loss107.337
Key Levels107.337, 107.341, 108.845, 108.847
CAD/JPY: ICHIMOKU INDICATORS ANALYSIS

Let's look at the four-hour 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 below 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 (108.847). The closest resistance level is Tenkan-sen line (107.337).


CAD/JPY: ICHIMOKU INDICATORS ANALYSIS

On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is approaching the price chart from below, 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 (108.845). The closest resistance level is Kijun-sen line (107.341).


It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (108.847) line and Stop Loss at the level of Kijun-sen line (107.337).

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