2021.7.2 GBP/JPY market today's price movement forecast and scenarios

※ I am using charts from https://jp.tradingview.com/。

Indicators and Market Principles: Pound-Yen 4-hour Chart

Both the Pound Index and the Yen Index are declining. The Pound-Yen has been moving downward.

If 153.150 functions as support, there is a possibility of a rebound toward around 154.400.

＜Price Movement Forecast＞

＜Elliott Wave＞

Indicators and Market Principles: Pound-Yen 15-minute Chart

After breaking above the upper boundary of the channel line, as predicted, it rose to around 154.300–153.400.

It looks like it may consolidate for a while, or move downward.

＜Elliott Wave＞

＜Chart Pattern＞

Pound-Yen Outlook

For a while, it seems likely to range around 153.150–153.700.

If it breaks above the range, it may move toward around 153.900; if it breaks below, toward around 152.650.