2021.5.11 Pound/Yen exchange rate today's price movement forecast and scenarios

< Pound Index - Daily >

< Yen Index - Daily >

※ The_chart_ used is from https://jp.tradingview.com/.

< Pound/yen - Daily Chart >

Indicator and Price Principle: Pound-Yen 4-Hour Chart

The Pound Index is rising. The Yen Index is falling. The Pound/Yen has been rising. Because the consolidation lasted long, it has moved up significantly. I think the line at the left high 153.399 will be watched, so today I expect a consolidation.

＜Price Movement Forecast＞

＜Elliott Wave＞

＜Chart Patterns＞

Indicator and Price Principle: Pound-Yen 15-Minute Chart

The third wave of the Elliott Wave is overshooting. From this situation, the adjustment is likely to enter around the 1/3 to 1/2 retracement line.

＜Elliott Wave＞

＜Chart Patterns＞

Pound-Yen Outlook

On the 4-hour chart, it looks like a double-bottom is forming, but if the double-bottom completes, technically it could move up to the 155 yen range.