2020.10.29 Pound/Yen market today's price movement forecast・scenario

GBP/JPY Forecast: Using Indicator and Market Principles

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The market principles (indicators and EAs) that appear in this article's Elliott Wave and chart patternsFlag,Pennant, ranging andSymmetrical triangle, etc., can be displayed on the chart as chart patterns and Wave 1 targets according to Elliott Wave.

Please check the accuracy of the exit points in this article.

＜Pound Index - Daily Chart＞


＜Yen Index - Daily Chart＞


※ The charts used are from https://jp.tradingview.com/.

＜GBP/JPY - Daily Chart＞

GBP/JPY 4-hour Chart as Generated by the Indicator and Market Principles

The Pound Index fell, the Yen Index rose, and GBP/JPY moved toward stronger Yen.
Looking at the daily chart, since the price has fallen below the first wave high of the Elliott Wave, if it cannot recover to the 135.735 line by the close, there is a possibility of a significant decline.