EUR/JPY: ICHIMOKU INDICATORS ANALYSIS

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EUR/JPY: ICHIMOKU INDICATORS ANALYSIS
Scenario
TimeframeWeekly
RecommendationBUY
Entry Point158.352
Take Profit162.765
Stop Loss157.000
Key Levels158.015, 158.933, 157.198, 159.310
EUR/JPY: ICHIMOKU INDICATORS ANALYSIS

Let's look at the four-hour chart. Tenkan-sen line is crossing Kijun-sen from below, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading around upper border of the cloud. The closest support level is Tenkan-sen line (158.015). One of the previous maximums of Chikou Span line is expected to be a resistance level (158.933).


EUR/JPY: ICHIMOKU INDICATORS ANALYSIS

On the daily chart Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from above, current cloud is ascending. The instrument has been corrected to the Tenkan-sen line. One of the previous minimums of Chikou Span line is expected to be a support level (157.198). One of the previous maximums of Chikou Span line is expected to be a resistance level (159.310).


On the four-hour chart the instrument is trading within the cloud. On the daily chart the Bullish 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 (162.765) and Stop Loss at the upper border of the cloud (157.000).

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