FX.co ★ GBP/JPY Elliott wave count and Fibonacci levels, June 28, 2010

GBP/JPY is now standing in the potential wave C of the intermediate uptrend (colored magenta on the chart). The price targets above the current level are Fibonacci retracement points of 136.00-133.01 and expansion points off waves 133.01-134.95-133.05, 133.05-134.59-134.17.

Nearest price targets above the current level:

- 134.86 = .618 retracement
- 134.99 = objective point (OP)
- 135.12 = contracted objective point (COP)
- 135.71 = OP
- 136.19 = expanded objective point (XOP)

In case the price declines the supports will be Fibonacci retracement points of the wave 133.05-134.70:

- 134.07 = .382 retracement
- 133.88 = .50 retracement
- 133.68 = .618 retracement

Overbought/Oversold

The Detrended Oscillator is balancing around the zero level. Since the trend is up (according to the wave count), one should search for long entries in the vicinity of .382 and .50 retracements of wave 133.05-134.70. These respective levels are 134.07 and 133.88.