Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is descending. The instrument is trading around upper border of the cloud. The closest support level is Kijun-sen line (104.20). The closest resistance level is the upper border of the cloud (106.41).
On the daily 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 above the price chart, current cloud is ascending. The instrument is trading around upper border of the cloud. The closest support level is the upper border of the cloud (104.57). The closest resistance level is Kijun-sen line (107.92).
On the four-hour chart the instrument is still falling. On the daily chart the Bullish trend is still strong. It is recommended to open short positions at current price with the target at the level of previous minimum of Chikou Span line (104.20) and Stop Loss at the lower border of the cloud (106.41).
Canadian Dollar vs Japanese Yen
| Buy | Sell | Spread |
| 115.234 | 115.123 | 111 |
Scenario
| Time frame | Day's Range |
| Recommendations | SELL |
| Entry Point | 105.99 |
| Take Profit | 104.20 |
| Stop Loss | 106.41 |
| Support levels | 104.20, 104.57, 106.41, 107.92 |
Alternative scenario
| Recommendations | |
| Entry Point | |
| Take Profit | |
| Stop Loss | |
| Support levels |
The material published on this page is produced by the Claws&Horns Company jointly with LiteFinance and should not be considered as the provision of investment advice for the purposes of Directive 2014/65/EU; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing prior to the dissemination of such research.
