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USD/JPY Elliott Wave Analysis – Today – 7th July, 2017

USD/JPY Elliott Wave Analysis – Today – 7th July, 2017

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USD/JPY Elliott Wave Analysis

USD/JPY Elliott Wave Analysis in 15 Minutes chart

The bullish trend is present in USD/JPY currency pair, 15 minutes time frame based on USD/JPY Elliott wave Analysis. As I have forecasted few hours ago, the price of USD/JPY pair is going to rise up now on a short-term basis to print a Bullish Impulse 1, 2 and 3 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 113.47 price area where the Bullish Impulse Wave 1 has ended as well. In my judgment, price action in USD/JPY currency pair is now going to rise up more pips to complete the bullish Impulse Wave 3 leg which is part of a Bullish Impulse Wave pattern. Based on Elliott wave analysis, the upcoming bullish wave 3 is moving in the favour of larger degree trend and not just a pull back. So, I expect the market to resume an up-trend now to complete bullish impulse Wave 3 pattern.

Currently, bullish Impulse Wave 3 leg looks in-complete. So, traders should look for a possible buy trading chance to join an up-trend. However; if the price of USD/JPY currency pair breaks below 113.47 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 USD/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 USD/JPY currency pair.

USD/JPY Elliott Wave Analysis in 4 Hours chart

Below is the 4 hours chart of USD/JPY pair with USD/JPY Elliott wave analysis which shows us a big picture and a nice up trend as well.

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USD/JPY Elliott Wave Analysis

To me; price is trying to print a Bullish Double Zig Zag Elliott wave pattern W, X and Wave Y leg. Now, market is moving up to print the last and final bullish leg – Wave Y. Bullish Wave Y is most likely going to be another Zig Zag which is going to sub-divides into a 5-3-5 wave structure.

The following Elliott Wave Zig Zag pattern diagram shows us a completed bullish Double Zig Zag wave within the Frame work of Elliott wave principle.

Bullish Double Zig Zag

Based on my USD/JPY Elliott wave analysis, we have got an incomplete Bullish wave Y leg in USD/JPY currency pair, 4 hours time frame. Now, price is probably going to rise up more to complete the bullish wave Y pattern.

To me; in last few days sideways price action was just a pause in an up trend and a bullish five wave impulse has started in lower time frames as mentioned above as a Bullish Impulse wave in fifteen minutes chart of USD/JPY pair. Strong key support level is present at 112.73 in USD/JPY four hours chart.

So, I expect market to rise up more now to complete the bullish wave Y Zig Zag leg. So, in my opinion market is going to resume an up trend in USD/JPY currency pair, time frame is 4 hours chart.

However; In 4 hours chart, market should stays above 112.73 support area to keep the up trend alive. A clear bearish break down in price action below 112.73 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 USD/JPY 4 hours chart.

Summary

Based on USD/JPY Elliott wave analysis the trend is up in 4 hours chart and a good idea is to look for a buy trade around 113.73 price area, as price is going to rise towards 114.40 but a clear break down in price action below 112.73 vital support area will end the up trend. On a short term basis, it is again a bullish trend in USD/JPY 15 minutes time frame and a good idea is to take a Buy trade around 113.75 price level and price is probably going to rise up towards 113.90 area. However; if the price of USD/JPY currency pair drops below 113.47 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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About Muhammad Azeem

In year 2012, Mr. Azeem passed Certified Elliott Wave Analyst Level 1 Exam with 93% score. Trading Style and Methodology: Mr. Azeem is a pure technician and he solely employs technical market analysis in trading. He believes that the news is just the catalyst for technical events. In his opinion, prices are so far ahead of any news story as every conceivable fundamental possibility has already been discounted.

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