Working in the expansion of the formation in the daytime did not allow the monthly candle to express an obvious preference for one of the parties. To clarify the situation, it is needed the securely gain a foothold outside the expanding formation.
GBP / JPY pair
When the month of October closed, the result was not bearish at all. On the contrary, the players on the increase had prospects of getting out of the correction zone and continuing the recovery after closing of the monthly candle. Currently, the main task is to update the maximum extremes (151.37 and 152.83) and fixing above these levels. In the case of continuing the ascent, the nearest landmarks will be the lower boundary of the monthly cloud (156.32) and the monthly Tenkan (156.79). The key support for this site is still the area 149.24 (monthly Fibo Kijun + day Kijun).
The key support (149,24) managed to cope with the task. The further decline halted as the players on the rise were able to seize the lead and went on the offensive. To date, the Ichimoku indicator on the junior timeframes fully supports the players who are now testing the maximum extremes of the past (151,37-57). Reliably securing above levels will open the way towards 152.83 and the recovery of the weekly trend.
EUR / JPY pair
Working in the expansion of the formation in the daytime did not allow the monthly candle to express an obvious preference on one of the parties. To clarify the situation, it is needed to securely gain a foothold outside the expanding formation. The victory of the bulls on this issue will open the way to the upper boundary of the monthly cloud (136.81). The bears will have to overcome the day cloud (Senkou Span B 130.98) to exit the formation. As a result, a new downward target will be formed and prospects for a deeper weekly correction will appear.
At lower jumps, the pair now aspires to be at the center of the expanding formation. Currently, the main resistance of various timeframes is concentrated at the daytime cross (132.98), Kijun H4 (132.98) and the H1 target (132.96-133.13). Among the supports, the zone 131.94 - 132.13 (Tenkan H4 + Kijun H1 + cloud H1 + week Tenkan) is of great importance today.
Indicator parameters:
all time intervals 9 - 26 - 52
The 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.
The 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.
