GBP/JPY is moving within subwave C (colored red in the chart) of wave C of medium term uptrend - colored magenta in the chart. Now the targets of the upmove are Fibonacci retracements of 133.03-125.47 and expansions off 125.47-128.61-127.37, 127.37-129.27-128.43, 128.43-129.24-128.44.
Resistances:
- 129.60 = contracted objective point (COP)
- 129.75 = expanded objective point (XOP)
- 130.14 = .618 retracement
- 130.33 = objective point (OP)
- 130.51-56 = confluence area of OP and super expanded objective point (SXOP)
However if the price turns down the nearest supports will be Fibonacci retracements of 127.37-129.41.
Supports:
- 128.63 = .382 retracement
- 128.39 = .50 ret
- 128.15 = .618 ret
Overbought/Oversold
The medium term trend is up, however the price is movin up quite reluctantly, the uptrend will be confirmed if 129.41 is broken to the upside. Therefore now it's preferable to stand aside until the price breaks the flat to either side.
Read more on how to apply Fibonacci studies to calculate price targets.