GBP/JPY is developing wave A of medium term uptrend from 126.48 (royal blue in the chart). Within this wave we have subwaves A, B, and C (red in the chart), and subwave C is still developing from 128.11. Within this wave there are also its subwaves - A, B, and C (yellow in the chart), subwave C is developing from 128.20.Now the targets of the upmove are Fibonacci expansions off 126.48-129.69-128.11, 128.11-129.05-128.20.
Resistances:
- 130.66 = super expanded objective point (SXOP)
- 131.32 = objective point (OP)
If the price reverses to the downside the immediate supports will be Fibonacci retracements of the wave up from 128.11 - this wave is not developed yet, so no supports are available so far.
Overbought/Oversold
The bigger wave is now moving up, so it's preferable to try long positions when the Detrended Oscillator goes below the zero level (5-10 pips below the current prices) or into the oversold area (25-40 pips below the current prices). Watch for opportunities to go long at or near the indicated supports.
Read more on how to trade with Fibonacci levels.
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