GBP/JPY: Ichimoku indicators analysis

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GBP/JPY: Ichimoku indicators analysis
Scenario
TimeframeIntraday
RecommendationSELL
Entry Point197.117
Take Profit195.890
Stop Loss197.532
Key Levels196.516,195.890,197.532,198.<wbr>864
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 is ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Kijun-sen line (197.532). The closest resistance level is the lower border of the cloud (195.890).


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 descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Kijun-sen line (196.516). One of the previous maximums of Chikou Span line is expected to be a resistance level (198.864).


On the four-hour chart the instrument is still falling. On the daily chart the Bullish trend is still strong. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (195.890) and Stop Loss at the level of Kijun-sen line (197.532).


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