GBP/JPY H4 Update

General Overview on 05/08/2013 22:00 CET:

Please take a look at the old H4 chart so You can see this analysys was spot on.

Currently still two possible counts are in play:

MAIN: Wave B top is in place and price has made wave (i) to the downside. Now it is in corrective cycle with targets for wave (ii) on the chart. New swing high invalidates this count.

ALTERNATE: Wave B was a lower degree wave alt:X top and recen five wave decline was a last leg of wave alt:Y of wave alt:(X) so now there is wave alt:(Y) to the upside to be done. Break below wave A blue invalidates this view.

Support/Resistance:

154.01 - Swing High

153.89 - WR2

152.92 - WR1

152.78 - 78%Fibo

152.15 - Intraday Resistance

151.30 - 151.50 DEMAND BREAKOUT ZONE

150.79 - Weekly Pivot

149.67 - WS1

148.26 - Swing Low

147.32 - WS2

146.43 - WS3

Trading Recommendation:

Sell anyting in  the golden trend line - intraday resistance (151.30 - 152.15) zone  with SL just above the 152.20 level

Seb

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