GBP/JPY has just developed corrective wave B of medium term uptrend (colored magenta in the chart), and now the pair is moving within potential impulse wave C from 119.53.
The targets above are Fibonacci retracements of 121.98-119.53, 127.25-117.22, and expansions off 117.22-121.98-119.53, 119.53-120.92-120.16.
Resistances:
- 121.02-04 = confluence area of contracted objective point (COP) and .618 retracement
- 121.55 = objective point (OP)
- 122.24 = .50 ret
- 122.-4147 = confluence area of expanded objective point (XOP) and COP
- 121.55 = objective point (OP)
- 122.24 = .50 ret
- 122.-4147 = confluence area of expanded objective point (XOP) and COP
However, if the downmove continues the immediate supports will be Fibnoacci retracements of 117.22-121.98, and expansions off 121.98-119.53-120.92.
Supports:
- 119.41 = COP
- 119.04 = .618 ret
- 118.47 = objective point (OP)
- 119.04 = .618 ret
- 118.47 = objective point (OP)
Overbought/Oversold
The bigger wave is now moving up, therefore it's preferable to try long positions when the Detrended Oscillator goes below the zero level (10-15 pips below the current prices) or into the oversold area (30-45 pips below the current prices).
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