forexws-today: gbp/jpy

Thursday, February 3, 2011

Forex | GBP/JPY Morning Analysis | 3 February 2011

Forex | GBP/JPY | Morning Analysis | 3 February 2011

Further strength is now seen as the GBPJPY looks like it might strengthen towards the 132.63-75 (Jan. ’11) levels.

We might see some price hesitation ahead of that area, but we should see it to eventually give way and possibly trigger further bullishness towards the 133.04 level and maybe up towards the 134.20 level (Nov. ’10 high).

Looking down, we have key support at the 128.28 level (Jan. ’11 low), and even lower we have the 125.46 level (Dec. ’10 low).

Summoning it up, GBPJPY continues rally started at the 125.46 level.

February 3, 2010 - by David Frank, Financial Analyst, Ava Fx

Thursday, January 20, 2011

GBP/JPY | Elliott Wave Count | Fibonacci Levels | 20 January 2011

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

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