2021.4.14 Pound/Yen exchange rate today’s price movement forecast and scenario

< Pound index – daily

< Yen index – daily

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

< Pound/Yen – daily chart

Indicator and market principles: Pound/Yen 4-hour chart

Both the Pound index and the Yen index are rising.

The Pound/Yen has been declining.

In the 4-hour chart, since wave 5 of the Elliott Wave has been reached, a downward corrective wave seems likely.

Until the yellow solid-line trendline is breached, a bullish perspective cannot be taken.

Indicator and market principles: Pound/Yen 15-minute chart

As a characteristic of Elliott Wave wave 4, a triangle formation appears likely.

After the triangle forms, a trend is expected in the direction of the breakout.

Given that higher timeframes show potential for a corrective wave, there is a high likelihood of a slight downside breakout.

Pound/Yen projection

Since the channel line has been broken to the downside, technically the price is expected to fall to the 149.281 level.