GBP/JPY is developing potential impulse wave С (colored royal blue in the chart) of medium term downtrend from 127.31. Within this wave there are A, B and C subwaves (colored magenta in the chart) with subwave C still developing from 126.55.
The targets of the downmove are Fibonacci expansions off 130.81-123.27-127.31, 127.31-124.47-126.55, 126.55-124.26-125.33.
Supports:
- 123.91 = contracted objective point (COP)
- 123.71 = objective point (OP)
- 123.04 = OP
- 122.65 = COP
If the price reverses to the upside the immediate resistances will be Fibonacci retracements of 126.55-124.16.
Resistances:
- 125.41 = .50 ret
- 125.68 = .618 ret
Overbought/Oversold
Assuming that the major wave is down it's preferable to try short positions when the Detrended Oscillator gets above the zero level (10-15 pips above the current prices) or into the overbought area (30-40 pips above the current prices).
The targets of the downmove are Fibonacci expansions off 130.81-123.27-127.31, 127.31-124.47-126.55, 126.55-124.26-125.33.
Supports:
- 123.91 = contracted objective point (COP)
- 123.71 = objective point (OP)
- 123.04 = OP
- 122.65 = COP
If the price reverses to the upside the immediate resistances will be Fibonacci retracements of 126.55-124.16.
Resistances:
- 125.41 = .50 ret
- 125.68 = .618 ret
Assuming that the major wave is down it's preferable to try short positions when the Detrended Oscillator gets above the zero level (10-15 pips above the current prices) or into the overbought area (30-40 pips above the current prices).
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