GBP/JPY: Ichimoku clouds Analysis
Let’s look at the four-hour chart. Tenkan-sen line is below 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 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 (139.610). The closest resistance level is Kijun-sen line (141.418). It is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (139.110). The closest resistance level is Tenkan-sen line (141.740).
Recommendation
On the both charts the instrument is still falling. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (139.610) and Stop Loss at the level of Kijun-sen line (141.418).
Scenario
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 140.627 |
| Take Profit | 139.610 |
| Stop Loss | 141.418 |
| Key Levels | 139.110 139.610 141.418 141.740 |
