2022.2.9 Pound-Yen exchange rate daily movement forecast and scenario

<ポンド指数・日足> translated as "Pound Index - Daily Chart"

＜円指数・日足＞Note: The chart uses a chart from https://jp.tradingview.com/.

＜ポンド円・日足チャート＞

Indicator・Market Principles: GBP/JPY 4-hour Chart

Pound index rises, yen index falls. GBP/JPY has been rising.

The yellow trendline was being watched as support, and it was expected to consolidate around the 156.300 level, but it broke that line and touched the blue dashed trendline.

If the blue dashed trendline is broken, it seems likely to reach up to the recent high at 157.600.

＜Price Movement Forecast＞

＜Elliott Wave＞

Indicator・Market Principles: GBP/JPY 15-minute Chart

After breaking the red trendline, the down Elliott wave disappeared and an up Elliott wave began to form.

Since the energy from breaking the trendline is diminishing, the movement is expected to consolidate.

＜Elliott Wave＞

・Downward Elliott Wave

・Upward Elliott Wave

＜Chart Patterns＞

GBP/JPY Outlook

If the blue dashed trendline is exceeded, it is anticipated to surpass the recent high at 157.758.