05.03.201810:06 Forex Analysis & Reviews: Daily review of GBP / JPY pair on 05.03.18. Ichimoku Indicator

GBP / JPY pair

Older timeframes

At the end of last week, the players on the slide reached the first daily target at the break of the cloud (145.25), but it was not possible to close the week below the level. Thus, overcoming this level is still an urgent task.At the same time, the level (145.25) can now act as a support and draw the attention of traders. Overcoming the first target point opens opportunities for 100% fulfillment of the daily target (143.99). The goal is currently strengthened by the weekly Fibo Kijun (143.96).

H4 - H1 timeframes

Support has been achieved at 145.25. As a result, a breakout was observed and the pair is in the correction zone. The fastening above the H4 Tenkan H4 (145.70) and the turn of the Ichimoku cross on H1 will allow considering the development of the upward correction, which may become the reference points of 146.81 (Fibo Kijun H4 + cloud H1) and 147.38 (Kijun H4). However, the significantly strong border of resistance is now in the area of 147.90 - 148 (Fibo Kijun N4 + levels of the senior half).

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.