Estimated reading time: 4 minutes
The bullish trend is present in EUR/JPY currency pair, 15 minutes time frame based on EUR/JPY Elliott wave Analysis. As I have forecasted few hours ago, the price of EUR/JPY pair is going to rise up now on a short-term basis to print a bullish a, b and c Zig Zag Elliott Wave pattern and traders should look for a buy trade. So, all those Forex traders who have followed my analysis have made the right decision as price ascended.
Strong key support level is present at 128.02 price area where the Bearish Zig Zag has ended as well. In my judgment, price action in EUR/JPY currency pair is now going to drop few pips to complete the bearish pullback – wave b which is part of a Bullish Zig Zag leg. Based on Elliott wave analysis, the upcoming bearish wave b is going to be just a pull back in price action. So, after bearish wave b leg, I expect the market to resume an up-trend after completing bearish wave be pattern.
Currently, bullish Zig Zag leg looks in-complete. So, first wait outside of the market and allow price action to drop more and print bearish wave b. Next, look for a possible buy trading chance to join an up-trend. However; if the price of EUR/JPY currency pair breaks below 128.02 vital support level then up trend is going to end. In such a market scenario, it would be best not to trade the Forex market and re-do the EUR/JPY Elliott wave analysis in fifteen minutes chart.
Now, at this point; I must acknowledge that the trend is also bullish in higher time frame of EUR/JPY currency pair.
Below is the 4 hours chart of EUR/JPY pair with EUR/JPY Elliott wave analysis which shows us a big picture and a nice up trend as well.
To me; price has printed a Bullish Impulse Wave 3 pattern and Bearish wave 4 leg as well. Now, market is moving up to print the last and final bullish leg – Wave 5. Bullish Wave 5 is most likely going to be an Ending Diagonal pattern. With in an ending diagonal, all sub-waves must sub-divides into a Zig Zag pattern.
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The following Elliott Wave Zig Zag pattern diagram shows us a completed bullish A, B and C Zig Zag wave within the context of Elliott wave principle.
Based on my EUR/JPY Elliott wave analysis, we have got an incomplete Bullish wave 5 leg in EUR/JPY currency pair, 4 hours time frame. Now, price is probably going to rise up more to complete the bullish wave 5 leg.
To me; the current bearish decline in price action is just a bearish pull back as mentioned above as a Bearish Zig Zag in fifteen minutes chart of EUR/JPY pair. Strong key support level is present at 126.47 in EUR/JPY four hours chart.
So, I expect market to rise up more now to complete the bullish wave 5 leg. So, in my opinion market is going to resume an up trend in EUR/JPY currency pair, time frame is 4 hours chart.
However; price should stays above 126.47 support area in 4 hours time frame to keep the up trend alive. A clear break down in price action below 126.47 vital support area will end the up trend and in such a market scenario, it would be best not to trade the market and re-analyze the EUR/JPY 4 hours chart.
Based on EUR/JPY Elliott wave analysis the trend is up in 4 hours chart and a good idea is to look for a buy trade around 128.47 price area, as price is going to rise towards 129.15 but a clear break down in price action below 126.47 vital support area will end the up trend. On a short term basis, it is again a bullish trend in EUR/JPY 15 minutes time frame and a good idea is to take a Buy trade around 128.40 price level and price is probably going to rise up towards 128.95 area. However; if the price of EUR/JPY currency pair breaks below 128.02 vital support level then bullish trend is going to end. Forex traders who don’t have a broker yet or wish to go with a broker that works well then click here.
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