 The GBP/JPY pair is developing a corrective wave B of the medium term uptrend from 133.42 (light green in the chart). Within this wave we have three subwaves (royal blue in the chart), A, B, and potential impulse subwave C developing from 133.32. Within this wave there are three subwaves (magenta in the chart) and a potential impulse subwave C developing from 133.19. On smaller level there are waves A, B, and an impulse wave C (red in the chart) that is developing from 131.92. Presently the downside targets are Fibonacci retracements 126.48-133.42 and expansions 133.42-129.94-133.32, 133.32-130.08-133.19, 133.19-130.71-131.92, 131.92-130.20-131.30. Supports: - 130.24 = contracted objective point (COP)
- 129.95-84 = confluence area of two objective points (OP) and .50 retracement
- 129.58 = OP
- 129.44 = OP
- 129.13 = .618 ret If the price reverses to the upside, the immediate resistances will be Fibonacci retracements of the downward wave down from 133.19, As this wave is not completed yet, resistances are not available. 
Show full pictureOverbought/Oversold The bigger wave is now moving down, so it's preferable to try short positions when the Detrended Oscillator goes above the zero level (10-15 pips above the current prices) or into the overbought area (50-65 pips above the current prices). Watch for opportunities to go short at or near the indicated resistances. Read more on how to trade with Fibonacci levels.
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