16.01.201802:51 Forex Analysis & Reviews: Daily review of GBP / JPY and EUR / JPY as of 15.01.18. Ichimoku Indicator

GBP / JPY

Having executed the reduction to the weekly Tenkan (150.30), the players on the slide took a pause and the rivals took advantage of this. They are no less active and large in comparison with the decline, while the positions were restored. As a result, the plans of the bears currently relies on the daytime golden cross (Tenkan 151.91 + Kijun 151.52). If players on the rise can gain a foothold on reaching the maximum and maintain their advantages, the next step will be testing the maximum boundary (153.65). Modest support of the daytime cross would likely allow the bears to monitor again the strength of the weekly Tenkan (150.30).

The reliable target for the breakdown of the H4 cloud and the support of the higher timeframe could stop the decline. The pause made by the bears turned into a loss of advantages. As of this writing, on the first target (152.60), an upside target was set for a breakdown of the H1 cloud, the players on the rise rested against the H4 cloud resistance(152.42-97). The breakdown of the cloud will form the target for the continuation of the upward trend and will open the way for testing the maximum boundary (153.65). Today, the support levels are located again at the time boundary lines 151.91 - 151.52 - 151.01 - 150.30.

EUR / JPY

The activity of rising players during the final day last week was comparable with the activity of declining competitors. As a result, from the support of the weekly gold cross led by Fibo Kijun (133.11), formed a retreat. To confirm the targets, maintain the advantages and perspectives of the players on the rise. At this moment, it is necessary to gain a foothold over the levels of the Ichimoku day cross, it is further important to leave the monthly cloud (135.74). If the potential target for restoration has been exhausted, then the downtrend below each of the supports (Tenkan 134.80 + Kijun 134.31 + Fibo Kijun 133.77 + week-old Tenkan 133.85) would give the bears a chance to continue the increase of the corrective decline.

The pair performed an upward target on the breakdown of the H1 cloud, and currently uses its levels as support. The major resistance is presently at the H4 cloud, strengthened by the upper boundary of the monthly cloud (135.74). Going beyond these resistances opens up new prospects for rising players. The nearest support for today can be found at 134.80 (Tenkan N4 + cross N1 + daytime Tenkan) and 134.31 (Kijun N4 + cloud N1 + daily Kijun).

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,

Chinkou 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.

* The presented market analysis is informative and does not constitute a guide to the transaction.