Technical Analysis 23.10.2017 - AUD/JPY: Ichimoku clouds

Monday, 23/10/2017 | 14:40 GMT

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Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (88.77). One of the previous maximums of Chikou Span line is expected to be a resistance level (89.31).

On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is approaching the price chart from above, current cloud is ascending. The instrument has broken through Tenkan-sen and Kijun-sen lines. The closest support level is Kijun-sen line (88.76). One of the previous maximums of Chikou Span line is expected to be a resistance level (90.08).

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

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Source: https://www.stofs.com/en/newsroom/entry/TECHNICAL/technical-analysis-23102017-audjpy-ichimoku-clouds/?camp=24219

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