GBP/JPY: Ichimoku indicators analysis

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GBP/JPY: Ichimoku indicators analysis
Scenario
TimeframeWeekly
RecommendationBUY
Entry Point194.753
Take Profit
Stop Loss189.948
Key Levels194.260, 195.308, 192.759, 196.975
GBP/JPY: Ichimoku indicators analysis

Let's look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from below, the lines are horizontal . Confirmative line Chikou Span has crossed the price chart from above, current cloud is ascending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (194.260). One of the previous maximums of Chikou Span line is expected to be a resistance level (195.308).


GBP/JPY: Ichimoku indicators analysis

On the daily chart Tenkan-sen line is above Kijun-sen, both lines are directed upwards. Confirmative line Chikou Span is above the price chart, current cloud has reversed from descending to 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 (192.759). One of the previous maximums of Chikou Span line is expected to be a resistance level (196.975).


It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span () line and Stop Loss at the level of Kijun-sen line (189.948).


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