Estimated reading time: 3 minutes
The bearish trend is present in EUR/JPY currency pair, 15 minutes time frame based on EUR/JPY Elliott Wave Forecast. As I have forecasted few hours ago, the price of EUR/JPY pair is going to drop up now on a short-term basis to prints a Bearish Impulse Elliott wave pattern and traders should look for a sell trade. So, all those Forex traders who have followed my analysis have made the right decision as price has descended.
Strong key resistance level is present at 128.93 price area which is the termination point of bearish wave i leg. In my judgment, price action in EUR/JPY currency pair is now falling down to print a Bearish Wave iii Impulse pattern. So, market is going to remain bearish to complete the bearish Impulse Elliott wave pattern which looks in-complete. Based on Elliott wave analysis, the current bearish price action is the Bearish Impulse Wave which is part of a higher degree bearish wave 5 Elliott wave leg.
Currently, Bearish Impulse Elliott wave pattern looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend around 128.60 price area.
However; if the price of EUR/JPY currency pair breaks above 128.93 vital resistance level then down 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 bearish in higher time frame of EUR/JPY currency pair.
Below is the 4 hours chart of EUR/JPY pair with my Elliott wave analysis which shows us a big picture and a well started bearish trend as well.
To me; price is trying to complete the Bearish Impulse Elliott wave pattern. Now, market is falling down to complete the bearish Wave 5 leg. The bearish wave 5 leg is the last and final decline as price is going to rise up after the complete of impulse wave pattern. Within the Bearish Wave 5 pattern, all sub-waves must sub-divides into i, ii, iii, iv and v waves impulse pattern.
The following Elliott Wave Impulse pattern diagram shows us a completed Bearish Impulse Wave leg within the frame work of Elliott wave principle.
Based on my EUR/JPY Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bearish Impulse Wave. Now, price is probably going to falls more lower to complete the bearish wave 5 leg. To me; in fifteen minutes chart of EUR/JPY currency pair the bullish leg wave ii in price action was just a pull back in a down trend as mentioned above as a bullish Zig Zag leg inside 15 minutes price chart.
Strong key resistance level is present at 129.54 in EUR/JPY four hours chart. So, I expect market to falls down more now to complete the bearish wave 5. Next, expects a bottom in market as well. So, in my opinion market is going to remains bearish and keep trending lower in EUR/JPY currency pair, in 4 hours chart.
However; price should stays below 129.54 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 129.54 resistance area will end the down trend and in such a market scenario, it would be best not to trade the market and re-analyze EUR/JPY 4 hours chart.
Based on EUR/JPY Elliott Wave Forecast the trend is down in 4 hours chart and a good idea is to look for a sell trade around 128.50 price area, as price is going to drop more towards 128.30 but a clear bullish break out in price action above 129.54 vital resistance area will end the down trend. On a short term basis, it is again a bearish trend in EUR/JPY 15 minutes time frame and a good idea is to take a sell trade around 128.60 price level and price is probably going to drop towards 128.35 price level. However; if the price of EUR/JPY currency pair breaks above 128.93 vital resistance level then bearish 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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