24.11.201714:03 Forex Analysis & Reviews: Daily review of GBP / JPY and EUR / JPY pairs on 24.11.17. Ichimoku Indicator

GBP / JPY pair

The week closes today. The effectiveness of the weekly movement to the current moment does not allow us to speak with certainty of any preferred scenario. Bears did not use the potential of the last week candle as they fail to test the nearest support of the weekly Fibo Kijun 147.42. The weakness of the bears can allow opponents to check again for the strength of the resistance of the day cross and the weekly Tenkan. Resistance data (daytime Tenkan 148.58 + daytime Senkou Span A 148.58 + daily Kijun 149.76 + week Tenkan 149.58) are now slightly divided that makes overcoming them individually be more potentially successful.

A new stage of an upward correction is being formed at the moment. Currently, the Ichimoku clouds serve as a reference point for minor jumps which was reinforced by daily levels at 148.58. A breakdown of the cloudiness will form new upward targets, which can be added to the resistance levels of 149.24 - 149.58 - 149.76 - 150.26. For players on the downgrade, the nearest support remains the weekly Fibo Kijun (147.42).

EUR / JPY pair

The whole week was spent within the daily candle of the Monday. On Monday, the market managed to pass almost completely the Ichimoku cloud but it restrains the development of events. Its lower limit (Senkou Span B 130.98) remains the most important frontier for players to fall, and the upper limit (today Senkou Span A 132.58) which was reinforced with a daily cross (Tenkan 132.51 + Kijun 132.83 + Fibo Kijun 133, 23). It does not allow players to improve the situation so far.

The Ichimoku indicator has almost completely rebuilt at the younger timeframe which supports the players on the rise. A change the current balance of power could lead to a return at 131.70 (Tenkan H4 + cloud H1). The target for the breakdown of the H1 cloud now includes the upward directions, and the key resistance levels today remain at 132.51 (Senkou Span B N4 + daily levels) and move further at the levels of 132.83 and 133.23.

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.