Sep 18, 2020, 12:45:31 AM

EUR/JPY: Ichimoku clouds

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 is below the price chart, current cloud is descending. The instrument has been corrected to the Tenkan-sen line. One of the previous minimums of Chikou Span line is expected to be a support level (119.29). The closest resistance level is Kijun-sen line (124.61).

On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from above, current cloud is ascending. The instrument has broken through the cloud and slowed down its growth. One of the previous minimums of Chikou Span line is expected to be a support level (114.31). One of the previous maximums of Chikou Span line is expected to be a resistance level (127.04).

On the four-hour chart the instrument is still falling. On the daily chart we can see a correction of the upward movement. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (119.29) and Stop Loss at the level of Kijun-sen line (124.61).