17.02.201209:48 Forex Analysis & Reviews: GBP/JPY Elliott wave count and Fibonacci levels for February 17, 2012

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GBP/JPY is developing impulse subwave C (colored royal blue in the chart) that is part of impulse wave A of a larger degree (colored light green in the chart) from 117.22. Within the former subwave there are also waves of a still smaller degree - they are A, B, and C (colored magenta in the chart), and subwave C is still developing from 121.62. Within C we have A, B, and C subwaves (colored red in the chart), with subwave C still developing from 122.55.

Now the targets of the upmove are Fibonacci retracements of 127.25-117.22, and expansions off 117.22-121.98-119.53, 119.53-123.11-121.62, 121.62-123.44-122.55, 122.76-124.74-124.47.

Resistances:

- 125.10 = .786 retracement
- 125.20 = objective point (OP)
- 125.49 = expanded objective point (XOP)
- 125.69 = contracted objective point (COP)
- 126.45 = OP

If the price reverses to the downside the immediate supports will be Fibonacci retracements of the wave up from 122.55 - this wave is not developed yet, so no supports are available so far.

Overbought/Oversold

The bigger wave is now moving up, so it's preferable to try long positions when the Detrended Oscillator goes below the zero level (5-10 pips below the current prices) or into the oversold area (35-50 pips below the current prices). Watch for opportunities to go long at or near the indicated supports.

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