FX.co ★ EUR/JPY Ichimoku Indicator- Technical Analysis for September 13, 2012

Day
We have met the resistance of the week Fibo Kidjun at 100.72. At this level, Ichimoku levels coincide with the standard Fibo net which means that the correction was performed until 38.2% of Fibonacci relatively to the last downside move on weekly time frame. We can conclude the following: the rise was quite good, the level was strong enough but we do not exclude the possibility of a rebound. In addition, on daily time frame we have been anticipating the approaching of this level as well as slowdown near it. For this reason, the bulls should be more careful in their count. We wish patience and perseverance to the bears.

H4
Golden Cross is still supporting bulls but the lines of short and medium term trends are close enough to each other and they will demonstrate a support together but in case of the breakout, they will be passed together through as well. The next support level is Ichimoku cloud.

H1
We failed to break through the upper limit of Andrew’s Pitchfork. Short-term trend is now at front supporting the pair. But such sideways move is rather dragged on. We will probably need to support the medium-term term trend with the help of Golden Cross H4. Probably, the main event will happen at these levels today.

Legend:
Ichimoku parameters – Hosoda standard 9.26.52.
Short-term trend line – Tenkan – red
Medium-term trend line – Kidjun – green
Long-term trend line – Senoku Span – blue
Senoku Span A – pink, Chinoku – grey
Fibo Kidjun lines – green dotted line