FX.co ★ EUR/JPY

Hello traders. The EURJPY asset is currently trading above the Ichimoku cloud. The cloud consists of two lines: Span A at 183.438 and Span B at 183.068. When the market was below the cloud, these lines acted as resistance. At the moment, the market price of 184.393 is above the Kumo, turning the cloud area into a strong support from which to look for a buying entry point. The bullish sentiment is further confirmed by another signal: the Tenkan-Sen crossing at 184.364, which is above the Kijun-Sen line at 184.141, forming a golden cross. The information about the crossing and the market being above the cloud provide a very powerful buying signal. It is suggested to consider buying in the uptrend. The upward scenario will become ineffective after breaking through the cloud. It is advisable to wait for a dead cross - the Tenkan-Sen line below the Kijun-Sen - before considering profit-taking on the opposite signal.