18.05.201801:10 Forex Analysis & Reviews: Daily review of GBP/JPY as of 05/17/18. Ichimoku Indicator

GBP/JPY

Yesterday, the players were on the raise, thanks to the combination of supports (the lower bounds of the clouds of the lower halves + the final boundaries of the gold cross N4), led by daily Tenkan (148.16), were able to maintain a daily short-term advantage. As a result, today we see a continued increase, while important levels in the region of 148.95 are broken at lower half, where an upside target for the breakdown of the H4 cloud is formed. At the moment, resistance is tested in the area of 149.40-60-75 (daytime Senkou Span A + daytime Fibo Kijun 149,60 + weekly Fibo Kijun). Overcoming these resistances opens the way to the most significant zone of 150.43-78 (week-long cross + day Senkou Span B + daily Kijun + target N4), which can significantly change the alignment of forces and create opportunities for new bullish prospects. Support today kept its location at 148.95 - 148.16 - 147.81. To maintain the current advantage, goals and targets for players on the rise, it is important to stay above 148.95 (Tenkan N4 + Senkou Span B N4 + higher time levels). Reduction and consolidation below 148.16 (the bear zone against the cloud H4 + day Tenkan) will significantly change the alignment of forces and require a new assessment of the situation.

Resistance: 149.40-60-75 - 150.43-78.

Supports: 148.95-88 - 148.16 - 147.81.

Resistance: 149.40-60-75 - 150.43-78.

Supports: 148.95-88 - 148.16 - 147.81.

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.