2020.11.12 Pound-Yen Market Today’s Price Movement Forecast and Scenarios

GBP/JPY Forecast: Using Indicator and Market Principles

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The market principles (indicators and EA) appearing in the Elliott Wave and chart patterns in this articleFlag,Pennant, ranges andTriangle consolidation, etc., can be displayed on the chart as chart patterns and Elliott Wave waves and target rates.

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

＜Pound Index - Daily Chart＞


＜Yen Index - Daily Chart＞


*Charts use those from https://jp.tradingview.com/.

＜GBP/JPY - Daily Chart＞

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

The Pound Index is falling, the Yen Index is rising, and GBP/JPY has moved slightly lower.

In terms of the index situation, the Pound Index has entered a zone of the target values for a breakout above the range, and from here it looks like it may range or undergo a correction.

Conversely, the Yen Index is approaching a point where it seems to bottom, but timing suggests there is also a possibility of a breakdown here, a roughly even odds scenario.


GBP/JPY is showing bullish Elliott Wave implications, but since it has not yet pulled back, at some point a pullback deeper than a 1/3 retracement is expected.