03.10.201217:04 Forex Analysis & Reviews: EUR/JPY Ichimoku Indicator - Technical Analysis for October 3, 2012

Long-term review

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Day
We have not witnessed the break of the daily resistance level despite the fact the yesterday’s trading session had a white candlestick at the closure. Trading was flat with low volatility. Today Tenkan and Kidjun have met and Death Cross can be formed. The lines of day Fibo Kidjun (101.66 and 100.20) are still the support and resistance levels.

H4
The pair has entered cloud but cannot leave Tenkan H4 behind. We are working along daily levels. The bulls are pulling to the North while it requires a lot of effort. The lines of bearish cloud H4 are resistance and support levels at the moment.

H1
The pair was sliding on the upper edge of an uptrend. Now it has broken merged lines of Golden Cross which has been holding the line for a long time. Cloud H1 is the next level of support. Chinkou went to the price chart, but it is not the best spot for a break. Nevertheless, the line is ready to support the bulls.

Legend:
Ichimoku parameters – Hosoda standard 9.26.52.
Short-term trend line – Tenkan – red
Medium-trend line – Kidjun – green
Long-term trend – Senoku Span B – blue
Senoku Span A – pink, Chinokou – grey
Fibo Kidjun lines – green dotted line

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