empty
19.04.2011 10:57 AM
GBP/JPY Elliott wave count and Fibonacci levels - April 19, 2011

GBP/JPY is developing corrective subwave 4 (colored orange blue in the chart) within impulse wave C of medium term downtrend - colored magenta in the chart. The latter in its turn is part of wave B of still larger degree - colored light green in the chart. The targets of the upmove are Fibonacci retracements of 136.36-139.90, 136.96-132.90, and 139.93-132.90.

Resistances:

- 134.22 = .382 retracement
- 134.45 = .382 ret
- 134.63 = .50 ret
- 134.93-135.04 = .50 and .618 retracements
- 135.41-55 = .618 and .382 retracements

If the downtrend resumes the immediate supports will be Fibonacci retracements of 130.18-139.93, 122.49-139.93, and expansions off 139.93-135.19-136.96, 136.96-135.53-136.36.

Supports:

- 133.27 = .382 ret, already fulfilled
- 132.62 = super expanded objective point (SXOP)
- 132.22 = OP
- 131.21 = .50 ret

This image is no longer relevant

Overbought/Oversold

Assuming that the wave of a larger degree is moving down it's preferable to open short positions when the Detrended Oscillator gets above the zero level (25-35 pips above the current prices) or into the overbought area (45-55 pips above the current prices).

Read more on how to apply Fibonacci studies to calculate price targets.

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
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

Recommended Stories

EUR/USD Analysis on May 15, 2025

The wave pattern on the 4-hour chart for EUR/USD has shifted into a bullish formation and remains so. There is little doubt that this transformation has occurred solely

Chin Zhao 19:26 2025-05-15 UTC+2

GBP/USD Analysis on May 15, 2025

The wave markup for GBP/USD has also shifted into a bullish, impulsive structure — "thanks" to Donald Trump. The wave picture is almost identical to that of EUR/USD. Until February

Chin Zhao 19:19 2025-05-15 UTC+2

GBP/USD Analysis on May 14, 2025

The wave structure for GBP/USD has also transformed into a bullish impulsive pattern—"thanks" to Donald Trump. The wave picture is almost identical to that of EUR/USD. Up until February

Chin Zhao 18:01 2025-05-14 UTC+2

EUR/USD Analysis on May 14, 2025

The wave structure on the 4-hour chart for the EUR/USD pair has shifted to a bullish formation and continues to hold that stance. I believe no one doubts that this

Chin Zhao 17:59 2025-05-14 UTC+2

GBP/USD Analysis on May 13, 2025

The wave pattern for GBP/USD has also transformed into a bullish, impulsive structure — "thanks" to Donald Trump. The wave picture is almost identical to that of EUR/USD. Until February

Chin Zhao 18:37 2025-05-13 UTC+2

EUR/USD Analysis on May 13, 2025

The wave structure on the 4-hour chart for EUR/USD has transformed into a bullish pattern and remains such. There is little doubt that this shift was triggered exclusively

Chin Zhao 18:35 2025-05-13 UTC+2

EUR/USD Analysis on May 9, 2025

The wave structure on the 4-hour EUR/USD chart has transformed into a bullish pattern. I believe there's little doubt that this shift was driven solely by the new U.S. trade

Chin Zhao 19:19 2025-05-09 UTC+2

GBP/USD Analysis on May 9, 2025

The wave pattern for the GBP/USD instrument has also shifted into a bullish, impulsive structure—"thanks" to Donald Trump. The wave picture is almost identical to that of EUR/USD. Until February

Chin Zhao 19:16 2025-05-09 UTC+2

GBP/USD Analysis on May 8, 2025

The wave structure for GBP/USD has also transformed into a bullish, impulsive pattern—"thanks" to Donald Trump. The wave picture is nearly identical to that of EUR/USD. Until February

Chin Zhao 19:40 2025-05-08 UTC+2

EUR/USD Analysis on May 8, 2025

The wave pattern on the 4-hour chart for EUR/USD has transformed into a bullish structure. I believe there is little doubt that this transformation was triggered solely

Chin Zhao 19:33 2025-05-08 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.