With Euro and Japanese Yen both under pressure, a EURJPY range trading strategy seems like the way to go. Especially with the ever thinning, flat Ichimoku cloud forming on the Forex daily chart. Read on for a PCML approach to forex strategy development.Examine the current Euro Japanese Yen rate and access to our EUR JPY converter, charts, historical data, news, and more.
Let’s look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from below, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is crossing the price chart from below, current cloud is descending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (119.53). The closest resistance level is the lower border of the cloud (119.92).
On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud has reversed from ascending to descending. The instrument has been corrected to the Tenkan-sen line. The closest support level is Tenkan-sen line (119.69). The closest resistance level is Kijun-sen line (120.75).
On the four-hour chart the instrument is trading within the cloud. On the daily chart we can see a correction of the downward movement. It is recommended to open short positions at current price with the target at the level of previous minimum of Chikou Span line (118.41) and Stop Loss at the lower border of the cloud (120.20).