Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from above, current cloud is going to reverse from descending to ascending. The instrument is trading around lower border of the cloud. One of the previous minimums of Chikou Span line is expected to be a support level (0.7022). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.7109).
On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument has entered the cloud. Borders of the cloud serve as the closest support (0.7005) and resistance (0.7136) levels
On the four-hour chart we can see a correction of the downward movement. On the daily chart we can see a correction of the upward movement. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (0.6951) and Stop Loss at the level of Kijun-sen line (0.7112).
Entry Point: 0.7063
Take Profit: 0.6951
Stop Loss: 0.7112
Key Levels: 0.7005, 0.7022, 0.7109, 0.7136