Published On: Fri, Mar 17th, 2017

AUD/JPY: Ichimoku clouds

InstaForex
Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is approaching the price chart from above, current cloud has reversed from descending to ascending. The instrument has broken down Tenkan-sen and Kijun-sen lines. The closest support level is the upper border of the cloud (86.66). The closest resistance level is Kijun-sen line (86.97). 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 above, current cloud is ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. Tenkan-sen and Kijun-sen lines have become support (86.66) and resistance (87.00) levels respectively
On the four-hour chart we can see a correction of the upward movement. On the daily chart the Bearish 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 (87.43) and Stop Loss at the upper border of the cloud (86.66).

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Forex Analysis

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