2020.12.29 Pound-Yen exchange rate today’s movement forecast and scenarios

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 display on the chart patterns such asFlag,Pennant, ranges andtriangle consolidation, etc., as well as the wave counts and target rates of Elliott Wave on the chart.

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

＜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 Indicators and Market Principles

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Both Pound Index and Yen Index have declined.
Pound/Yen has fallen.

＜In the red frame of the Chart Pattern＞ the rate is entering, but when looking at lower time frames, it is approaching a point where it tends to stall, so there is an image of range trading from here.

If this range is broken to the upside, it could reach around 140.750.
If it breaks to the downside, it could fall to around 138.650.