FX.co ★ The daily review of the GBP / JPY as of 04/19/18. Ichimoku Indicator

GBP / JPY

Higher timeframes

The pair executed a downward correction to the first line of the daily short-term trend (152.15), strengthened by the weekly Fibo Kijun (152.14). The daytime Tenkan is designed to complete the correction, hence, the formation of these lines may maintain profits on the side of rising players. While the breakdown of the short-term trend will lead to the development of correction and the most significant support area, in this case, will be 150.77 - 150.45 (weekly Kijun + day Kijun + daytime Senkou Span B).

H4-H1

Bears were able to nearly complete the reconstruction of the Ichimoku indicator in their support, even the H4 cross had already been deployed. However, there still remains a very serious argument on the opponent's side, showing a bullish cloud in the H4. At the moment, the consolidation in the H4 cloud with the support of the higher halves (152.14) is able to stop the corrective decline. Overcoming the upper boundary and holding the cloud will allow considering the resumption of decline to the lower boundary, which is reinforced by intermediate day support (151.24 Fibo Kijun).

* The presented market analysis is informative and does not constitute a guide to the transaction.