FX.co ★ Daily review of GBP / JPY and EUR / JPY pairs as of 03.10.17. Ichimoku Indicator

GBP / JPY

The prerequisite correction for the continuation of the trend formed earlier was developed yesterday. To date, the pair has reached the support of 149.24 (the monthly Fibo Kijun). In addition, it can be noted that the area of 147.92 (daytime Fibo Kijun + historical levels) and 146.10-40 (daily Kijun + ) as a bearish reference point. Currently, the main resistance is still the daily short-term trend at 151.04.

The support zone was marked yesterday in the area of 149.00-24 which still remains to be an important figure for today. A breakout will form new perspectives and goals for reduction. Among the resistances, the key value retains the daytime Tenkan (151.04), which strengthens the upper boundary of the cloud H4. Strengthening in above levels can affect the balance of power which causes delays or changes in the implementation of bearish plans.

EUR / JPY

Players on the fall insist on the ending the consolidation and continues to offer a decline. The targets and objectives of this decline can be considered as a liquidation of the daytime cross (131.89-29) and testing of the weekly Tenkan (130.98). The resistance is still the daytime Tenkan (133.08). A return to a short-term trend will indicate a weakness in bearish positions.

To reliably fix under the H4 cloud is a new perspective for the bears, as mentioned earlier. Returning to the zone of breaking and consolidation, as well as getting rid of the uncertainty of the minor halves in favor of the bulls and fixing above 133.08, will turn the current attempt of the H4 cloud breakdown into a failure. These will change the balance of forces and form new goals and guidelines.

Indicator parameters:

all time intervals 9 - 26 - 52

Color of indicator lines:

Tenkan (short-term trend) - red,

Kijun (medium-term trend) - green,

Fibo Kijun is a green dotted line,

Chikou is gray,

clouds: Senkou Span B (SSB, long-term trend) - blue,

Senkou Span A (SSA) - pink.

Color of additional lines:

support and resistance MN - blue, W1 - green, D1 - red, H4 - pink, H1 - gray,

horizontal levels (not Ichimoku) - brown,

trend lines - purple.