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Ichimoku Indicator

02.05.201810:15 Forex Analysis & Reviews: Daily review of GBP / JPY pair as of 05/02/18. Ichimoku Indicator

Long-term review

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GBP / JPY pair

Higher timeframes

Fastening at 150.77 (weekly Kijun + day Kijun + daytime Senkou Span B) allow the continuation of the decline. To date, the previously designated support zone 149,40 - 148,94 (week-old Tenkan + weekly Fibo Kijun + monthly Fibo Kijun + monthly Tenkan) has been reached. This zone unites several strong levels of the weekly and monthly timeframes. Therefore, it can significantly influence the development of events. In case of overcoming the boundaries of 149.40 - 148.94, a Further tasks of the bears includes exiting the daytime cloud and to fix the weekly timeframe of the Ichimoku cloud.

H4 - H1

In the lower time intervals after the breakdown and retest of the significant level of 150.77, the players on the decline continue the decline and maintain the support of the Ichimoku indicator. Downward targets and benchmarks are now at higher timeframe with the nearest located at 148.94 today. At the moment, we are observing a breakthrough to develop an upward correction which is important for players to gain a foothold above the H1 cross and the short-term H4 trend (149.87). Furthermore, the values may have resistance at 150.45 (Fibo Kijun N4 + cloud H1 + daytime Fibo Kijun) and 150.77-91 (Kijun H4 + high-time levels).

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