The daily review of GBP / JPY pair on 08.05.18. Ichimoku Indicator

GBP / JPY pair

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Higher timeframes

Over the past 24 hours, the situation did not change significantly, the conclusions and expectations voiced yesterday remained the same. It is now important for the players on the fall to gain a foothold in the week-long cloud the current Senkou Span A 146.72 + next week 147.66). This will allow them to consider further prospects with their next task of reducing the weekly cloud to the lower boundary area and the monthly downward correction to the next support (monthly Kijun 144.46). Longer reflections and weakness of the bears can now lead to a retest of the passed levels - 148.44 (daytime Senkou Span A) - 148.92 (monthly levels) - 149.87 (daylight Tenkan).

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H4-H1

As expected, the breakdown of support level at 147.65 and the renewal of the minimum extremum at 147.04 may trigger a new stage of decline. The next support, which may become intermediate, should be noted now at 146.72. The key resistance has been retained today as its location are 148.44 - 148.94 - 149.40 - 149.87. A reliable fastening above 148.44 changes the balance of low-jumping forces while the first ascending goal forms (the goal is to break the H1 cloud). Further bullish advantages and moods will only increase. The daily upward correction will develop while its significant reference point will be the daily short-term trend (149.87).

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.

The material has been provided by InstaForex Company - www.instaforex.com