17.11.201710:51 Forex Analysis & Reviews: Daily review of GBP / JPY and EUR / JPY pairs on 16.11.17. Ichimoku Indicator

GBP / JPY pair

The situation has not received a new development. Another testing of daylight cloud support (Senkou Span A 148.12) again resulted in the formation of a long lower shadow in a daylight candle. Bears still do not have enough strength for something more, and players on the rise may be waiting for a favorable moment to finally overcome the accumulation of resistances (daytime Tenkan 149.17 + daily Kijun 149.59 + daytime Fibo Kijun 150.13 + week Tenkan 149 , 88 + monthly Fibo Kijun 149.24).

Again, the pair found support in the area of 148.12 yesterday as it broke the level paving the way to the weekly Fibo Kijun at 147.42. Instead, there is another upward correction and the resistance is 149.00 (Kijun H4 + cloud H1) at the moment. The main resistance barrier is still located in the cloud of H4 (daytime Tenkan 149.17 + month Fibo Kijun 149.24 + daily Kijun 149.59 + week Tenkan 149. 88 + day-old Fibo Kijun 150.13).

EUR / JPY pair

Yesterday, the pair failed to optimistically consolidate the level reached previously. Eventually, it returned to the supports located in the center of the current movement (132.95 day Kijun + week Tenkan). If players on the increase keep the location above the levels, a continuous rise is expected. The descent towards the levels below changes the current balance of power which would most likely allow players to go down and overcome the level of 132.63 (day Tenkan) and 132.31 (daytime Senkou Span A). Consequently, players will be able to gain a foothold in the daytime cloud to reduce the lower boundary at 130.98.

Failing to work out the goal of H4 cloud breakdown, the pair went into a downward correction. As a result, it went down to the most important support of the lower channel at 132.89 (Kijun N4 + Senkou Span B N1). The given area is strengthened by key support of the senior times (132.95) which is significant in the current situation. A breakout in this level would eliminate the H4 golden cross and forms a downward target on the H1 cloud.

Indicator parameters:

all time intervals 9 - 26 - 52

The 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.

The 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.