FX.co ★ EUR/JPY Ichimoku Indicator- Technical Analysis for October 2, 2012

Day
We could not turn the optimism of weekly Tenkan into breakthrough of daily Kidjun. Now ae are trying to have another attempt and testing Kidjun level of 100.86 and Tenkan level of 101.01. Today short-term trend is even lower and can be overcome during the ascending movement together with Kidjun. Next Fibo Kidjun resistance is at 101.60.

H4
On H4 line of broken cross we have formed another one, Golden Cross. This formation may support the bulls, but we failed to get Chinoku targets. The line, as it can be expected, got more complicated on price chart after yesterday’s sharp movement. Quite wide bearish cloud is also not optimistic, creating more challenges on the bullish way.

H1
H1 is influenced by Golden Cross. But until the last high was not renewed, the ascending movement is almost fading, and not developing. The bulls have to test daily levels of resistance and show their power. The bears should start going down and rebuild Ichimoku picture starting from H1.

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 B – blue
Senoku Span A – pink, Chinoku – grey
Fibo Kidjun lines – green dotted line