2021.10.18 GBP/JPY market today’s price movement forecast and scenario

＜Pound Index - Daily Chart＞

＜Yen Index - Daily Chart＞Note: The charts used are from https://jp.tradingview.com/.

＜Pound/Yen - Daily Chart＞

Indicator and Market Principle: Pound/Yen 4-Hour Chart

Pound index is rising, Yen index is falling. Pound/Yen has been rising.

It has surpassed the technical target of 156.000 from the channel line breakout by a large margin, rising to around 157.404.

Because it is significantly overshooting, a deeper pullback is expected.

From here, it is anticipated to enter consolidation or undergo a substantial correction.

＜Price Action Forecast＞

＜Elliott Wave＞ ＜Chart Patterns＞

Indicator and Market Principle: Pound/Yen 15-Minute Chart

The fifth wave of the Elliott Wave has ended, and another Elliott Wave pattern has begun.

Since there is no corrective move yet, a substantial correction is likely to follow.

＜Elliott Wave＞

Pound/Yen Outlook

Because the price has overshot well beyond the 156.000 breakout target and reached 157.404, a larger correction is likely.