2020.12.8 GBP/JPY Market Movement Today: Expected Price Action and Scenarios

Pound-Dollar Forecast: Using Indicators and Market Principles

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The market principles (indicators and EA) that appear in the article’s <＜Elliott Wave＞ and <＜Chart Patterns＞Flag,Pennant, ranges andTriangles, etc., can be displayed on the chart as chart patterns and Elliott wave momentum and target rates.

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

＜Pound Index - Daily Chart＞


＜Yen Index - Daily Chart＞


※ The chart uses data from https://jp.tradingview.com/.

＜Pound-Yen Daily Chart＞

Pound-Yen 4-Hour Chart as Produced by Indicators and Market Principles

The Pound Index fell while the Yen Index rose, causing the Pound-Yen to tilt toward the yen strength.

It broke through the downward-sloping yellow trendline and dropped sharply all at once.

Since there was a test once, I had imagined it would rise easily, but the market also seemed to be shocked, and it temporarily fell significantly.

Currently it is pulling back, but the yellow trendline is having an effect.

If it breaks above this trendline, I expect it to resume rising, but if it cannot break through, there may be another move down to the recent lows.