AUD/JPY: Ichimoku clouds

13 February 2019, 07:26

Scenario
Timeframe	Intraday
Recommendation	BUY
Entry Point	78.90
Take Profit	79.50
Stop Loss	78.27
Key Levels	78.27 78.76 79.22 79.50

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. Confirmative line Chikou Span is above the price chart, current cloud is going to reverse from descending to ascending. The instrument has broken through the cloud and slowed down its growth. The closest support level is the lower border of the cloud (78.76). One of the previous maximums of Chikou Span line is expected to be a resistance level (79.22).



On the daily chart Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Kijun-sen line (78.27). One of the previous maximums of Chikou Span line is expected to be a resistance level (79.50).

On the four-hour chart we've got a signal of trend reversal from descending to ascending. On the daily chart the Bullish trend is still strong. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (79.50) line and Stop Loss at the level of Kijun-sen line (78.27).