GBP/JPY Elliott wave count and Fibonacci levels for March 29, 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), A, B, and potential impulse subwave C is developing from 133.32.
Now the targets below are Fibonacci retracements of 126.48-133.42, and expansions off 133.42-129.94-133.32, 133.32-130.96-131.78.
Supports:
- 130.32 = contracted objective point (COP)
- 129.95 = .50 ret
- 129.84 = objective point (OP)
- 129.42 = OP
- 129.13 = .618 ret
The targets above are Fibonacci expansions off 126.48-133.42-129.94, 129.94-133.32-130.96.
Resistances:
- 133.05 = COP
- 134.23 = COP
- 134.34 = OP

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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 (current prices) or into the overbought area (30-40 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.