2021.6.17 GBPJPY market today’s price movement forecast・scenarios

＜Pound Index - Daily Chart＞

＜Yen Index - Daily Chart＞

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

＜GBP/JPY - Daily Chart＞

Indicator and Market Principles: GBP/JPY 4-Hour Chart

Both the pound index and the yen index are declining. GBP/JPY has been falling.

If it breaks below the 154.600 line, a breakout above the flag would be a false breakout, and it may fall below 154 yen.

Conversely, if it rises above the recent high of 155.469, it could move up toward around 155.800.

＜Price Movement Forecast＞

＜Elliott Wave＞

＜Chart Patterns＞

Indicator and Market Principles: GBP/JPY 15-Minute Chart

It is trading in a narrow range of 154.700–155.300.

If it breaks up through this range, it could move down to around 155.800–155.900; if it breaks down, it could move toward around 154.100–154.000.

＜Elliott Wave＞

GBP/JPY Outlook

The consolidation continues to test whether a breakout above the flag is real.

If genuine, around 156.650

If it’s a false breakout, it could move down to around 154.000.