GBP/JPY Elliott wave count and Fibonacci levels - February 14, 2011

The GBP/JPY is moving in medium term uptrend and is now developing corrective subwave B (colored magenta) within impulse wave C (colored royal blue) of the medium term uptrend. The targets of the downmove are Fibonacci retracements of 131.62-134.31, 132.54-134.31, and expansions off 134.31-133.31-133.94.

Supports:

- 133.32-28-22 = confluence area of contracted objective point (COP), .382 and .618 retracements
- 132.97-94 = confluence area of .50 ret and objective point (OP)
- 132.65 = .618 ret
- 132.32 = expanded objective point (XOP)

If the uptrend resumes the immediate resistances will be Fibonacci expansions off 125.47-132.48-129.49, 129.49-132.64-129.75, 129.75-133.31-131.62, 131.62-134.31-133.31.

Resistances:

- 134.85 = expanded objective point (XOP)
- 134.97 = COP
- 135.18 = objective point (OP)

http://instaforex.com/forex_analysis/23113/?x=OUE