On the 4-hour chart, the Tenkan-sen line is below Kijun-sen, with the red line pointing up while the blue line remains horizontal. The Chikou Span indicator is below the price chart and the cloud is preparing to turn from ascending to descending. The instrument has retreated towards the Tenkan-sen line, with likely support at the previous low of the Chikou Span at 111.640. The Kijun-sen line represents the next resistance level at 113.138.
Daily Chart:
The Tenkan-sen line is above Kijun-sen, and both lines remain horizontal. The Chikou Span is above the price chart while the cloud continues to rise. The pair is trading below the Tenkan-sen and Kijun-sen lines, continuing the bearish trend. Likely support lies at the previous low of the Chikou Span line at 111.623, while the Kijun-sen line at 113.156 represents the next resistance.
Recommendation:
Both charts show a continued bearish trend. It is recommended to open short positions at the current price, targeting the previous low of the Chikou Span at 111.640 and setting a Stop Loss on the Kijun-sen line at 113.138.
Script:
Recommendation: SELL
Entry point: 112,642
Take profit: 111,640
Stop losses: 113,138
