GBP/JPY is now developing impulse subwave C (colored royal blue in the chart) that is part of impulse wave A of a larger degree (colored royal blue in the chart). Within the former subwave there are also waves of a still smaller degree - they are A, B and C (colored magenta in the chart), and subwave C is still developing from 120.16.
Now the targets of the upmove are Fibonacci retracements of 127.25-117.22, and expansions off 117.22-121.98-119.53, 119.53-121.16-120.42.
Resistances:
- 121.43 = contracted objective point (COP)
- 122.05 = objective point (OP)
- 122.24 = .50 ret
- 122.47 = COP
- 122.05 = objective point (OP)
- 122.24 = .50 ret
- 122.47 = COP
However, if the price reverses to the downside the immediate supports will be Fibonacci retracements of the wave up from 119.53 - this wave is not developed yet, so no supports are available so far.
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 (current prices) or into the oversold area (10-20 pips below the current prices).
No comments:
Post a Comment