Published On: Wed, Mar 22nd, 2017

EUR/JPY: Ichimoku clouds

InstaForex
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 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 (120.21). The closest resistance level is Tenkan-sen line (121.10). Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span has crossed the price chart from above, current cloud has reversed from descending to ascending. 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 (119.80). The closest resistance level is Kijun-sen line (120.54).
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 (119.70) and Stop Loss at the level of Kijun-sen line (120.54).

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Forex Analysis

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