EUR/JPY: Ichimoku clouds 12 February 2019, 05:45

EUR/JPY: Ichimoku clouds

12 February 2019, 05:45

Scenario
Timeframe	Intraday
Recommendation	SELL
Entry Point	124.67
Take Profit	124.18
Stop Loss	124.89
Key Levels	124.06, 124.24, 124.40, 124.53, 124.67, 124.81, 124.94.

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 below, current cloud is descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (124.51). The closest resistance level is the lower border of the cloud (124.70).



On the daily chart Tenkan-sen line is above Kijun-sen, the blue line is directed upwards, while the red one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud has reversed from descending to ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. Borders of the cloud serve as the closest support (124.04) and resistance (124.88) levels

It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (124.18) and Stop Loss at the level of Kijun-sen line (124.89).