2020.11.13 GBP/JPY market today’s price movement forecast and scenario

Pound-Yen Forecast: Using Indicators and Market Principles

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The market principles (indicators and EA) that appear in the Elliott Wave and chart patterns in this articleFlag,Pennant, ranges andSymmetrical Triangle, etc., can be displayed on the chart as chart patterns and wave targets of Elliott Wave.

Please verify the accuracy of the exit/close points in this article.

＜Pound Index - Daily Chart＞


＜Yen Index - Daily Chart＞


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

＜Pound-Yen - Daily Chart＞

Indicator: Market Principles and the Pound-Yen 4-Hour Chart

The Pound Index has declined, the Yen Index has risen, and the Pound-Yen has fallen.
The Pound Index reached the target zone and is undergoing a correction, while the Yen Index bounced from a support point after a decline.

As expected yesterday, Pound-Yen has experienced a deeper pullback than the 1/3 retracement.
Currently, with a pullback to the 2/3 retracement level, a rebound seems likely.