Estimated reading time: 3 minutes
The bullish 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 rise up now on a short-term basis to prints a Bullish Double 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 has ascended.
Strong key support level is present at 128.53 price area which is the termination point of bearish wave X leg. In my judgment, price action in EUR/JPY currency pair is now rising up to prints a Bullish wave c leg. So, market is going to rise up more now to complete the corrective Elliott wave pattern which looks in-complete. Based on Elliott wave analysis, the current bullish price action is the Bullish Zig Zag wave Y leg which is part of a higher degree Bullish Double Zig Zag Elliott wave leg.
Currently, Bullish Double Zig Zag Elliott wave pattern looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 129.26 price area. However; if the price of EUR/JPY currency pair breaks below 128.53 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 actually 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 Running Triangle Elliott wave pattern. Now, market is rising up to complete the bullish wave c leg. The bullish wave c leg is not the last and final decline as price is going to drop lower and rise up several more times to complete the sideways looking Triangle pattern. Within the Bearish Running Triangle pattern, all sub-waves must sub-divides into a, b, c, d and e waves Zig Zag pattern.
The following Elliott Wave Triangle pattern diagram shows us a completed Bearish Running Triangle pattern 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 Running Triangle pattern. Now, price is probably going to rise up to complete the bullish wave c leg. To me; in fifteen minutes chart of EUR/JPY currency pair the bullish leg in price action is just a pull back in an up trend as mentioned above as a bullish Double Zig Zag inside a 15 minutes price chart.
Strong key resistance level is present at 130.38 in EUR/JPY four hours chart. So, I expect market to rise up more now to complete the bullish wave c leg. So, in my opinion market is going to remain sideways and then resumes the down trend in EUR/JPY currency pair, in 4 hours chart. However; price should stays below 130.38 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 130.38 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 129.85 price area, as price is going to drop lower towards 127.45 but a clear bullish break out in price action above 130.38 vital resistance area will end the down trend. On a short term basis, it is a bullish trend in EUR/JPY 15 minutes time frame and a good idea is to take a buy trade around 129.26 price level and price is probably going to rise towards 129.60 price level. However; if the price of EUR/JPY currency pair breaks below 128.53 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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