GBP/JPY Elliott wave count and Fibonacci levels for March 28, 2012

GBP/JPY is developing corrective wave B of medium term uptrend from 133.42 (royal blue in the chart). Within this wave we have three subwaves (red in the chart), and potential impulse subwave C is developing from 133.32.
Now the targets below are Fibonacci retracements of 126.48-133.42, 129.94-133.32, and expansions off 133.42-129.94-133.32.
Supports:
- 131.63 = .50 retracement
- 131.23-17 = confluence area of .618 ret and contracted objective point (COP)
- 129.95 = .50 ret
- 129.84 = objective point (OP)
- 129.13 = .618 ret
The targets above are Fibonacci expansions off 126.48-133.42-129.94.
Resistances:
- 134.23 = COP

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Overbought/Oversold
The bigger wave is now moving down, so it's preferable to try short positions when the Detrended Oscillator goes above the zero level (55-60 pips above the current prices) or into the overbought area (90-110 pips above the current prices). Watch for opportunities to go short at or near the indicated resistances.
Read more on how to trade with Fibonacci levels.