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Thread: GBPJPY Wave Count and Fibonacci Levels + Intraday Technical Analysis for the USDJPY

      
  1. #1
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    Thumbs up GBPJPY Wave Count and Fibonacci Levels + Intraday Technical Analysis for the USDJPY

    Hi Marķa here. Welcome to March a great month to make lots of pips!

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    GBP/JPY has developed five waves of medium term uptrend (colored magenta in the chart) from 119.53 to 129.71. Now potential corrective wave A is developing from 129.71. The targets of the downmove are Fibonacci retracements of 119.53-129.71, 126.63-129.56, and expansions off 129.71-126.63-129.56.

    Supports:

    - 128.44 = .382 retracement

    - 128.10 = .50 ret

    - 127.75 = .618 ret

    - 127.66 = contracted objective point (COP)

    - 126.48 = objective point (OP)

    - 125.82 = .382 retracement

    If the uptrend continues the immediate resistances will be Fibonacci expansions off 119.53-123.11-121.62, 121.62-126.77-125.41, 125.41-129.71-126.63.

    Resistances:

    - 130.56 = OP

    - 130.93-99 = confluence area of OP and super expanded objective point (SXOP)

    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 (current prices) or into the oversold area (25-40 pips below the current prices). Watch for opportunities to go long at or near the indicated supports.

    Have a great day!

    Marķa

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    To read the Intraday Technical levels for the USDJPY enter here.

  2. #2
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    Default Re: GBPJPY Wave Count and Fibonacci Levels + Intraday Technical Analysis for the USDJPY

    GBP/JPY's rally extended to as high as 130.10 last week but continued to lose upside momentum with mild bearish divergence condition in 4 hours MACD. There is no clear sign of topping yet and thus, further rise is still expected this week for 61.8% retracement of 140.02 to 116.83 at 131.16.

  3. #3
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    Default Re: GBPJPY Wave Count and Fibonacci Levels + Intraday Technical Analysis for the USDJPY

    GBPJPY: Under Pressure for May 11, 2012



    Pivot: 128.9

    Our preference: Short positions below 128.9 with targets @ 128.15 & 127.75 in extension.

    Alternative scenario: Above 128.9 look for further upside with 129.3 & 129.6 as targets.

    Comment: the RSI has just struck against its neutrality area at 50% and is reversing down.

    Key levels

    129.6

    129.3

    128.9

    128.386 last

    128.15

    127.75

    127.5

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  4. #4
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    Default Re: GBPJPY Wave Count and Fibonacci Levels + Intraday Technical Analysis for the USDJPY

    GPBJPY
    Sell at 1.2681
    Take profit* at 1.2642
    Stop loss at 1.2712

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