EUR/JPY: ICHIMOKU INDICATORS ANALYSIS

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EUR/JPY: ICHIMOKU INDICATORS ANALYSIS
Scenario
TimeframeIntraday
RecommendationSELL
Entry Point162.860
Take Profit162.500
Stop Loss163.350
Key Levels161.420, 162.500, 163.350, 164.085
EUR/JPY: ICHIMOKU INDICATORS ANALYSIS

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, both lines are directed downwards. Confirmative line Chikou Span is below the price chart, current cloud is ascending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. The closest support level is Tenkan-sen line (163.350). One of the previous maximums of Chikou Span line is expected to be a resistance level (162.500).


EUR/JPY: ICHIMOKU INDICATORS ANALYSIS

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 crossing the price chart from above, current cloud is ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (164.085). One of the previous maximums of Chikou Span line is expected to be a resistance level (161.420).


On the four-hour chart the instrument is still falling. On the daily chart we can see a correction of the upward movement. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (162.500) and Stop Loss at the level of Kijun-sen line (163.350).


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