Published On: Fri, Apr 28th, 2017

AUD/JPY: Ichimoku clouds

Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the blue line is directed upwards, while the red one remains horizontal. Confirmative line Chikou Span is approaching the price chart from above, current cloud is ascending. The instrument has been corrected to the Tenkan-sen line. The closest support level is Tenkan-sen line (83.06). One of the previous maximums of Chikou Span line is expected to be a resistance level (83.37). On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. Tenkan-sen and Kijun-sen lines have become support (82.75) and resistance (83.62) levels respectively
On the four-hour chart we can see a correction of the downward movement. On the daily chart the Bearish trend is still strong. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (81.61) and Stop Loss at the level of Kijun-sen line (83.62).

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Forex Analysis

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