GBP/JPY Elliott wave count and Fibonacci levels for June 24, 2011

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GBP/JPY Elliott wave count and Fibonacci levels for June 24, 2011

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GBP/JPY Elliott wave count and Fibonacci levels for June 24, 2011 FapGIF2010-5

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GBP/JPY is developing wave C of long term downtrend - colored light green in the chart. And within this wave
there are A, B and C subwaves, with subwave C still developing -
colored magenta in the chart. Within this subwave there are A and B
waves of still smaller degree. The targets of the upmove are Fibonacci retracements of 130.51-128.45.

Resistances:

- 129.24 = .382 retracement
- 129.48 = .50 ret
- 129.72 = .618 ret

If the price keeps moving down and breaks below 128.45 the supports will be Fibonacci expansions off 139.93-130.26-135.11, 135.11-129.74-132.30, 132.30-128.90-130.51.

Supports:

- 128.41 = contracted objective point (COP)
- 127.11 = objective point (OP)
- 126.93 = OP

GBP/JPY Elliott wave count and Fibonacci levels for June 24, 2011 0624-02-gj-en

Overbought/Oversold

Assuming that the medium term trend is down it's preferable to try
short positions when the Detrended Oscillator gets above the zero level
(current prices) or into the overbought area (20-30 pips above the
current prices).