GBP/JPY has developed 5 waves of medium term downtrend (colored red in the chart). Now potential wave A of corrective A-B-C cycle is developing. The targets of the upmove are Fibonacci retracements of 134.24-130.89, 137.03-130.89.
Resistances:
- 132.17 = .382 retracement
- 132.57 = .50 ret
- 132.96 = .618 ret
- 133.24 = .382 ret
- 133.96 = .50 ret
- 134.68 = .618 ret
If the downtrend resumes the immediate supports will be Fibonacci retracements of 122.49-139.93, and expansions off 139.93-132.90-137.03, 137.03-135.17-136.09.
Supports:
- 130.00 = objective point (OP)
- 129.15 = .618 retracement
- 129.09 = expanded objective point (XOP)
Overbought/Oversold
Assuming that the medium term trend is down it's preferable to open short positions when the Detrended Oscillator gets above the zero level (5-10 pips above the current prices) or into the overbought area (40-60 pips above the current prices).
http://instaforex.com/forex_analysis/28097/?x=OUE
Resistances:
- 132.17 = .382 retracement
- 132.57 = .50 ret
- 132.96 = .618 ret
- 133.24 = .382 ret
- 133.96 = .50 ret
- 134.68 = .618 ret
If the downtrend resumes the immediate supports will be Fibonacci retracements of 122.49-139.93, and expansions off 139.93-132.90-137.03, 137.03-135.17-136.09.
Supports:
- 130.00 = objective point (OP)
- 129.15 = .618 retracement
- 129.09 = expanded objective point (XOP)
Overbought/Oversold
Assuming that the medium term trend is down it's preferable to open short positions when the Detrended Oscillator gets above the zero level (5-10 pips above the current prices) or into the overbought area (40-60 pips above the current prices).
http://instaforex.com/forex_analysis/28097/?x=OUE
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