GBP/JPY: ICHIMOKU INDICATORS ANALYSIS

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GBP/JPY: ICHIMOKU INDICATORS ANALYSIS
Scenario
TimeframeWeekly
RecommendationBUY
Entry Point190.306
Take Profit196.530
Stop Loss188.263
Key Levels189.634, 190.658, 189.274, 191.078
GBP/JPY: ICHIMOKU INDICATORS ANALYSIS

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud has reversed from ascending to descending. The instrument has entered the cloud. Borders of the cloud serve as the closest support (189.634) and resistance (190.658) levels


GBP/JPY: ICHIMOKU INDICATORS ANALYSIS

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 has been corrected to the Tenkan-sen line. One of the previous minimums of Chikou Span line is expected to be a support level (189.274). One of the previous maximums of Chikou Span line is expected to be a resistance level (191.078).


On the four-hour chart we can see a correction of the upward movement. On the daily chart the Bearish 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 (196.530) line and Stop Loss at the level of Kijun-sen line (188.263).


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