GBP/JPY is moving within impulse subwave 5 (colored red in the chart) of wave C of medium term uptrend - colored magenta in the chart. The immediate resistances are Fibonacci expansions off 122.49-133.04-130.18, 130.18-133.76-132.38, 132.38-136.03-135.10.
Resistances:
- 140.73 = objective point (OP)
- 141.01 = expanded objective point (XOP)
- 141.75 = super expanded objective point (SXOP)
If the price reverses to the downside the immediate supports will be Fibonacci retracements of the wave up from 135.10 - this wave is not developed yet.
Overbought/Oversold
Assuming that the medium term is now up it's preferable to look for longs when the Detrended Oscillator gets below the zero level (10-15 pips below the current price) or into the oversold area (30-40 pips to go).
Read more on how to apply Fibonacci studies to calculate price targets.