EUR/JPY: Ichimoku indicators analysis

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EUR/JPY: Ichimoku indicators analysis
Scenario
TimeframeWeekly
RecommendationBUY
Entry Point162.596
Take Profit170.820
Stop Loss159.345
Key Levels162.354, 162.713, 160.068, 164.872
EUR/JPY: Ichimoku indicators analysis

Let's look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from above, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from above, current cloud is ascending. The instrument is trading around upper border of the cloud. Kijun-sen and Tenkan-sen lines have become support (162.354) and resistance (162.713) levels respectively


EUR/JPY: Ichimoku indicators analysis

On the daily chart Tenkan-sen line has crossed Kijun-sen from below, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span has crossed the price chart from below, current cloud has reversed from descending to ascending. The instrument has entered the cloud. Borders of the cloud serve as the closest support (160.068) and resistance (164.872) levels


On the four-hour chart we can see a correction of the upward movement. On the daily chart we can see a correction of the upward movement. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (170.820) line and Stop Loss at the level of Kijun-sen line (159.345).


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