Published On: Mon, Mar 6th, 2017

AUD/JPY: Ichimoku clouds

InstaForex
Let’s look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from above, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is crossing the price chart from above, current cloud is going to reverse from ascending to descending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (86.05). The closest resistance level is Tenkan-sen line (86.44). On the daily chart Tenkan-sen and Kijun-sen lines have merged, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from above, current cloud is ascending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (85.98). Merged Tenkan-sen and Kijun-sen lines have become a strong resistance level (86.66).
On the both charts the instrument is still falling. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (85.80) and Stop Loss at the level of Kijun-sen line (86.66).

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