FX.co ★ The daily review of the GBP/JPY for May 11, 2018. Ichimoku Indicator

GBP/JPY

Higher timeframes

Yesterday the bears managed to issue a retreat from the resistances encountered (Area 149 monthly Tenkan + daily Tenkan + daily cloud). At the moment, for players on the downgrade, it is advisable not to stop and continue the decline, in order to organize the entrance to the weekly cloud in the near future. Otherwise, if the support of the upper boundary of the weekly cloud (Senkou Span A) can now contain the bears in the correction zone, then after a while it will push them upward, thereby canceling plans to continue the decline.

H4-H1

Players' rise yesterday failed to resist (149) and lost the advantage. At the moment, it's important for players to downgrade by updating the lowest extremum (147.03), to continue the decline. If they are now able to regain support for the crosses of Ichimoku on H4 and H1 and gain a foothold in the cloud H4, entering the bull zone with respect to the H1 cloud (148.40-60), then certain advantages will again be on the side of the players on the rise, before which the next prospects for strengthening their positions.

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.