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GBP/JPY is developing corrective wave B (colored light green in the chart) of medium term downtrend from 119.31. Within this wave there are A and B subwaves (colored royal blue in the chart), with subwave B still developing from 122.64. Within the latter there are A, B and C subwaves (colored magenta in the chart). The immediate supports are Fibonacci expansions off 122.64-120.86-122.17.
Supports:
- 119.29 = expanded objective point (XOP)
If the price reverses to the upside the immediate resistances will be Fibonacci retracements of 122.17-120.23, and expansions off 120.23-120.87-120.47.
Resistances:
- 121.11 = objective point (OP)
- 121.20 = .50 ret
- 121.43 = .618 ret
- 121.51 = XOP
Overbought/Oversold
Assuming that the major wave is now down it's preferable to try short positions when the Detrended Oscillator gets above the zero level (5-10 pips above the current prices) or into the overbought area (35-50 pips above the current prices), watch for entries short at the specified resistances.
Read more on how to apply Fibonacci studies to calculate price targets.
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