FX.co ★ GBP/JPY Elliott wave count and Fibonacci levels, August 10, 2010

According to wave count this currency pair is developing corrective wave B to 130.80-137.75. On smaller timeframes there's a set of three waves (colored magenta) that give Fibonacci projections - 137.75-135.46-136.97.

Price targets below the current level:

- 135.55 = contracted objective point (COP), reached already
- 135.10 = .382 retracement
- 134.68 = objective point (OP)
- 134.28 = .50 retracement
- 133.45 = .618 retracement
- 133.26 = expanded objective point (XOP)

Overbought/Oversold

The Detrended Oscillator is in the oversold area. Assuming that the major trend is up, it's good to wait for a reversal around one of the listed Fibonacci supports to enter long.