Hi María 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!

María

www.fx-megaforex.com

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