AUD/JPY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument has been corrected to the Tenkan-sen line. The closest support level is Tenkan-sen line (78.97). One of the previous maximums of Chikou Span line is expected to be a resistance level (79.37).            

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 has reversed from descending to ascending. The instrument has been corrected to the Tenkan-sen line. The closest support level is Tenkan-sen line (78.70). One of the previous maximums of Chikou Span line is expected to be a resistance level (79.37).

Recommendation

On the both charts the instrument is still falling. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (79.66) line and Stop Loss at the level of Kijun-sen line (78.72).