empty
 
 
07.06.2012 10:15 AM
GBP/JPY Elliott wave count and Fibonacci levels for June 7, 2012

The GBP/JPY pair is developing an impulse wave C of the medium term downtrend from 129.32 (light green in the chart) comprising two subwaves (royal blue in the chart) and a potential corrective subwave B moving from 118.74. Within this wave we also have three subwaves (red in the chart) and impulse subwave C developing from 119.69 including 5 subwaves (yellow in the chart) and subwave 5 still moving from 121.91.

Presently the resistances are Fibonacci retracements of 126.39-118.74 and expansions of 118.74-120.77-119.69, 119.69-121.27-120.56, 120.56-122.89-121.91.

Resistances:

- 122.97 = expanded objective point (XOP)
- 123.12 = XOP
- 123.35 = contracted objective point (COP)
- 123.47 = .618 retracement
- 124.24 = objective point (OP)

If the price reverses to the downside, the immediate supports will be Fibonacci retracements of the wave up from 118.74 - this wave has not developed yet, so supports are not available.

This image is no longer relevant

Overbought/Oversold

The bigger wave is now moving up, so it is preferable to try long positions when the Detrended Oscillator goes below the zero level (10-15 pips below the current prices) or into the oversold area (35-50 pips below the current prices). Consider the opportunities to go long at or near the indicated resistances.

Read more on how to trade with Fibonacci levels.

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2026
Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback