Wednesday, October 19, 2016

GBP/JPY: Ichimoku clouds

On the daily chart Tenkan-sen line is above 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. Tenkan-sen and Kijun-sen lines have become support (127.10) and resistance (129.70) levels respectively.

             Let's look at the four-hour 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 has broken through the cloud and slowed down its growth. The closest support level is Tenkan-sen line (127.50). The closest resistance level is Tenkan-sen line (128.40).

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