2020.12.28 Pound/Yen 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 EAs) that appear in the Elliott Wave and Chart Patterns in this article can displayflags,pennants, ranges andtriangle consolidation, chart patterns and wave targets of the Elliott Wave on the chart.

Please confirm the high accuracy of exit 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＞

Pound/Yen 4-hour chart produced by indicators and market principles

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Pound Index rises. Yen Index falls.
Pound/Yen has been rising.

From the perspective of the index, there is an image of movement toward a weaker yen.
In the chart pattern, it has broken out above a 330 PIPS wide range, so unless the rate enters the red frame, the initial target level is around 141.760.
After reaching it, if it consolidates or retraces and breaks the previous high, there is a possibility of rising to around 143.600–800.