2019.3.6 FX-ON posting time 06:10 Pound/Yen price movement forecast and scenario

GBP/JPY Forecast: Using Indicators and Market Principles

This article is a one-time publication, please note. These market principles (indicators and EA) areflag,pennant, ranges andtriangle consolidation and Elliott wave patterns, and their target rates can be displayed on the chart. Now, on the right side of the chart, let's check how they are displayed.

GBP/JPY 4-hour chart produced by Indicators and Market Principles

The daily chart, in the end, turned bullish. If the upward-sloping white resistance on the right shoulder is broken without touching 0.333, it is likely to reach the target rate of Wave 3 shown in a light red box. Conversely, if it cannot be surpassed, it may gradually adjust toward the area of the thick bubble corner.
＜GBP/JPY Daily Chart – Elliott Wave＞
For the 4-hour chart, as yesterday, we will proceed with caution toward the yellow frame area, but for now I think it will temporarily return toward around 147.700.
The subsequent price movement is as drawn in the chart image.
＜GBP/JPY 4-hour Chart – Price Movement Forecast＞