2020.11.9 Pound/Yen Exchange Rate Today's Movement Forecast and Scenario

Pound-Yen Forecast: Using Indicators and Market Principles

This article is available for 1,000 yen per month on Investor Navi.

The market principles (indicators and EAs) that appear in the Elliott Wave and chart patterns in this article can display charts for patterns such asFlag,Pennant, ranges, andTriangle Consolidation, as well as the waves of Elliott Wave and their target rates on the chart.

Please check the article for the accuracy of exit points.

＜Pound Index – Daily chart＞


＜Yen Index – Daily chart＞


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

＜Pound-Yen – Daily chart＞

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

The Pound Index remained unchanged, the Yen Index rose, and as a result, Pound-Yen declined slightly.

Currently, a descending yellow trend line is being watched, and a range is forming within a yellow horizontal line.

If this range breaks, there is energy of about 80 PIPS, so an upward move could reach around 136.606 on a break above, or around 135.050 on a break below.

If an upward breakout occurs, the yellow trend line is expected to be tested again to see whether it will function as support; if the yellow trend line is not broken here, there is a possibility of a strong upward rise.