2020.11.6 Pound/Yen market today’s price movement forecast and scenario

Pound/Yen Forecast: Using Indicator and Market Principles

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The market principles (indicators and EAs) that appear in the Elliott Wave and chart patterns in this article can display on the chart patterns such asFlag,Pennant, ranges andTriangle consolidation, the wave of Elliott Wave and its target rate on the chart.

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

＜Pound Index – Daily Chart＞


＜Yen Index – Daily Chart＞



※ The charts use ones from https://jp.tradingview.com/.

＜Pound/Yen – Daily Chart＞

Pound/Yen 4-hour chart produced by the Indicator and Market Principles

Both the Pound Index and Yen Index are rising, and the Pound/Yen has risen slightly.

We are being held down by the yellow downward-sloping trend line, but the downside is becoming difficult to move as the daily Elliott Wave’s Wave 1 high is in mind.

If we break above the yellow downward-sloping trend line and it begins to function as support, the market may move upward.

If we break below the 135.735 line, it may begin to move downward as it starts to function as resistance.