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EUR/JPY, GBP/JPY: Ichimoku clouds

STO

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09 / 06 / 2017 | Technical Analysis


Looking at the chart above we see the Kijun-sen over the Tenkan-sen – although the red guiding line remains on a horizontal the blue has an acute upwards angle. Confirmative line is below the price chart, meaning that the cloud is moving down. The pair seems to be trading below Tenkan-sen and Kijun-sen lines; this translates to a strong Bearish trend. The support level at 122.79 seems to be the last minimum of the Chikou Span Line and thusly the resistance will sit at the Tenkan-sen at 123.39.
The daily Tenkan-sen chart line is intersecting Kijun-sen from overhead, the lines remain horizontal. Chikou Span line of confirmation is approaching the top of the price chart, creating an ascending cloud. The pair is currently trading under Kijun-sen and Tenkan-sen lines; this still seem like a strong Bearish trend. The most proximate support level is pushing the border of the cloud at 122.25. The nearest Tenkan-sen line resistance level is sitting 123.95.

GBP/JPY: Ichimoku clouds

A merging of both Kijun-sen and Tenkan-sen and a downward shift is seen. The Chikou Span Confirmative line is under the chart, resulting in a descending cloud. The currency pair has broken free of the Kijun-sen and Tenkan-sen lines. Much like the currency pair above the previous Chikou Span line minimums is the forecasted support level at 139.42. The most proximate Tenkan-sen line resistance level is at 141.12.

The Daily chart above shows Tenkan-sen line intersecting the Kijun-sen from top of the chart, both sloping downwards. The Chikou Span Confirmative line has moved from the top of the price chart, resulting in an ascending cloud. The currency pair has suppressed the cloud and slowed the speed of its decline. The previous Chikou Span line minimums should be the support level at 139.02. The most proximate resistance level should be the upper limit of the cloud at 140.59.

This article comprises the personal view and opinion of the STO Investment Research Desk and at no time should be construed as Investment Advice

STO Review

Source: https://www.stofs.com/en/newsroom/entry/TECHNICAL/eurjpy-gbpjpy-ichimoku-clouds/?camp=24219
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