empty
28.11.2011 10:58 AM
GBP/JPY Elliott wave count and Fibonacci levels for November 28, 2011

GBP/JPY is developing wave A (colored light green in the chart) of medium term downtrend from 127.25. Within this wave there are three subwaves (colored royal blue in the chart), and impulse subwave РЎ is still developing from 125.63. Within the latter there are five subwaves (colored magenta in the chart) and potential corrective subwave A is developing from 119.31. The targets of the upmove are Fibonacci retracements of 121.70-119.31, 125.63-119.31, and expansions off 119.31-120.40-119.82.

Resistances:

- 120.49-51 = confluence area of contracted objective point (COP) and .50 retracement
- 120.79 = .618 ret
- 120.91 = objective point (OP)
- 121.58 = expanded objective point (XOP)

If the price reverses to the downside the immediate supports will be Fibonacci retracements of the wave up from 119.31 - this wave is not developed yet, so no supports are available so far.

This image is no longer relevant

Overbought/Oversold

Assuming that the major wave is now down it's preferable to try short positions when the Detrended Oscillator gets above the zero level (current prices) or into the overbought area (20-30 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

GBP/USD Analysis on May 30, 2025

The wave structure for GBP/USD continues to indicate the development of an upward impulsive wave pattern. The wave pattern is almost identical to that of EUR/USD. Until February

Chin Zhao 17:31 2025-05-30 UTC+2

EUR/USD Analysis on May 29, 2025

The wave pattern on the 4-hour chart for EUR/USD has transformed into an upward structure and remains so. It is clear that this shift has occurred solely

Chin Zhao 20:18 2025-05-29 UTC+2

GBP/USD Analysis on May 29, 2025

The wave structure for the GBP/USD pair continues to indicate the formation of a bullish impulse wave pattern. The wave configuration closely mirrors that of EUR/USD. Until February

Chin Zhao 20:17 2025-05-29 UTC+2

EUR/USD Analysis on May 28, 2025

The wave structure on the 4-hour EUR/USD chart has transformed into a bullish configuration and continues to follow that trajectory. There is little doubt that this transformation was driven solely

Chin Zhao 19:08 2025-05-28 UTC+2

EUR/USD Analysis on May 27, 2025

The wave pattern on the 4-hour chart for EUR/USD has shifted into a bullish structure and continues to hold that form. I believe there's little doubt that this transformation

Chin Zhao 20:47 2025-05-27 UTC+2

GBP/USD Analysis on May 27, 2025

The wave structure for GBP/USD continues to indicate the formation of a bullish impulsive wave pattern. The wave setup is almost identical to that of EUR/USD. Until February

Chin Zhao 20:30 2025-05-27 UTC+2

GBP/USD Analysis on May 26, 2025

The wave structure for GBP/USD continues to indicate the development of a bullish impulse wave pattern. The wave picture closely resembles that of EUR/USD. Until February 28, we observed

Chin Zhao 16:49 2025-05-26 UTC+2

Weekly Forecast Using Simplified Wave Analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, Ethereum, and U.S. Dollar Index on May 26th

GBP/USD Analysis: Since January, the British pound has been trending upward. The current incomplete segment began on April 8. Within this wave, the final segment remains unfinished. The price

Isabel Clark 11:23 2025-05-26 UTC+2

Weekly Forecast Using Simplified Wave Analysis: EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold on May 26th

EUR/USD Analysis: Since April, the euro's primary pair has been forming a descending horizontal pennant. From a strong, potentially reversal zone on the daily timeframe in mid-May, the price began

Isabel Clark 11:15 2025-05-26 UTC+2

GBP/USD Analysis on May 22, 2025

For the GBP/USD pair, the wave structure continues to suggest the development of a bullish impulsive trend. The wave pattern is nearly identical to that of EUR/USD. Until February

Chin Zhao 18:12 2025-05-22 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.