29.01.201814:33 Forex Analysis & Reviews: Daily review of GBP / JPY and EUR / JPY as of 29.01.18. Ichimoku Indicator

By now, the bears have fulfilled the H1 target of 153.48 and took a short pause within it, since the H1 target has been amplified by the H4 cloud.

GBP / JPY pair

Prerequisites for a day correction have developed, which led to the formation of a shooting star in the zone of resistance of monthly levels (Kijun 155.56 + Senkou Span B 156.32) on the weekly timeframe. For the development of bearish plans, it is now important to confirm and realize the potential of a weekly candle. In this case, the main concern is the liquidation of the day's golden cross (Kijun 153.11 + Fibo Kijun 152.42) and overcoming the support of the weekly short-term trend (152.72).

During the next offense, the players on the rise managed to overcome the key support of this site, which combined the cross of H4 and H1 cloud. As a result of the breakdown of the supports, a downward target was formed to break the hourly cloud. To date, the bears have completed the goal of H1 and took a short pause within it. Since the hourly target has been amplified by the H4 cloud, it is now possible to prolong the breaking or the development of the ascending correction. In case of a recovery, the most important benchmark will be 154.72 (Kijun N4 + Kijun H1 + H1 cloud), and intermediate resistance can be noted at 154.10 (daytime Tenkan + upper boundary of cloud H4).

EUR / JPY pair

Due to the insignificant advantage that the bears have provided with the closure of the daylight candles under the monthly Senkou Span A (135.74), they managed to descend to the support of the daytime Kijun (134.79) on Friday and the daily target level for the breakdown of the cloud (134.59). On the development of bearish prospects, one can assess only after the breakdown of the day's golden cross (Fibo Kijun 134.37) and the weekly Tenkan (134.31). A slight bullish advantage may reappear after moving to the side of the players to increase the daily Tenkan (135.44) and consolidate above the monthly cloud (135.74).

The H1 cloud was broken and the first target was worked out. The development of events in the southern direction now lies on the support of the higher levels (134.79-59-31) and the lower boundary of the cloud H4 (134.68). Overcoming these boundaries will open up new prospects for players. Among the resistances, the level of 135.44 (daytime Tenkan + Kijun N4 + Kijun N1) and 135.74 (monthly + junior clouds) are of greatest importance today.

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.