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    GBP/JPY Elliott Wave Count and Fibonacci Levels for April 24, 2012

    EUR/USD: Unlike some popular majors, this pair has not been going in a determined manner, and it would be wise to stay away from the market until a good momentum returns to it. The price could either break the resistance line at 1.1450 to the upside or break the support line at 1.1300 to the downside.


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    USD/CHF: On the USD/CHF pair, a lower time frame like the hourly chart has been switched to. This is because recent price movements can be seen more clearly on the hourly chart than when looking at the 4-hour chart. The trend for this week has been upwards so far. The price is currently going above the support level at 0.9400. The next target is at the resistance level of 0.9500. By all means, this is not a market which the speculator should sell.


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    GBP/USD: The northward journey on the Cable has continued in a simple manner lower highs and higher highs. The desired approach has been to buy on dips. The distribution territory at 1.5450 has been challenged and would be challenged again, for it could be breached to the upside. In addition, some fundamental figures are expected today and they would have impact on the market.


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    USD/JPY: The perpetual machinations from bears have been a great impediment to the bullish bias on the USD/JPY pair. A break below the demand level at 118.00 would make the recent bullish bias to be completely invalid.


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    EUR/JPY: The conditions surrounding this market have made it a difficult instrument to trade. The price topped at the supply zone of 136.00, after which there was a slight bearish retracement. There is a possibility that the price may go upward from here.


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