The GBP/JPY is moving within corrective wave 4 of medium term uptrend - colored royal blue in the chart. The targets of the downmove are Fibonacci retracements of 128.29-132.48, expansions off 132.48-131.40-131.86, 131.86-130.80-131.25.
Supports:
- 130.78 = objective point (OP)
- 130.59 = contracted objective point (COP)
- 130.38 = .50 retracement
- 130.19-11 = confluence area of OP and expanded objective point (XOP)
- 129.89 = .618 ret
- 129.53 = XOP
If the price reverses up and moves above 131.25 the nearest resistances will be Fibonacci retracements of 132.48-130.80.
Resistances:
- 131.44 = .382 retracement
- 131.64 = .50 ret
- 131.84 = .618 ret
