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EUR/JPY Elliott Wave Forecast 16th October, 2017

EUR/JPY Elliott Wave Forecast 16th October, 2017

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EUR/JPY Elliott Wave Forecast

EUR/JPY Elliott Wave Forecast in 15 Minutes chart

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 now on a short-term basis to prints a Bearish Impulse wave (v) 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 132.38 price area which is the termination point of bullish Zig Zag wave (iv) leg. In my judgment, price action in EUR/JPY currency pair is now falling down to prints a Bearish Impulse wave (v) leg. So, market is going to drop more now to complete the Bearish Impulse Elliott wave pattern – wave (v) which looks in-complete. Based on Elliott wave analysis, the current bearish price action is the Bearish Impulse wave leg which is part of a higher degree bearish Zig Zag corrective wave 4 Elliott wave pattern.

Currently, Bearish wave (v) 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 131.74 price area. However; if the price of EUR/JPY currency pair breaks above 132.38 vital resistance 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.

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Now, at this point; I must acknowledge that the trend is actually bullish in higher time frame of EUR/JPY currency pair.

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EUR/JPY Elliott Wave Forecast in 4 Hours chart

Below is the 4 hours chart of EUR/JPY currency pair with my Elliott wave analysis which shows us a big picture and a well started bullish trend as well.

EUR/JPY Elliott Wave Forecast

To me; price is trying to complete the Bearish Zig Zag corrective Elliott wave pattern. Now, market is falling down to complete the bearish corrective wave 4 leg. The bearish wave 4 leg is the last and final decline as price is going to rise up after that to complete the Bullish Impulse wave 5 leg. Within the Bullish Impulse Elliott pattern, all five sub-waves must sub-divides into 5, 3, 5, 3 and 5 waves structure pattern.

The following Elliott Wave Bullish Impulse pattern diagram shows us a completed Impulse Bullish wave leg within the frame work of Elliott wave principle.

Bullish Impulse Wave

Based on my EUR/JPY Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bullish Impulse wave Elliott pattern. Now, price is probably going to first drop more and then rise up to complete the bullish wave 5 leg. To me; in fifteen minutes chart of EUR/JPY currency pair the bearish leg in price action is just a pull back in an up trend as mentioned above as a bearish Impulse wave pattern in a 15 minutes price chart.

Strong key support level is present at 131.06 in EUR/JPY four hours chart. So, I expect market to drop first and then rise up to complete the Bullish Impulse pattern – wave (3) leg. So, in my opinion market is going to remain sideways and then resumes an up trend in EUR/JPY currency pair, in 4 hours chart. However; price should stays above 131.06 support area in 4 hours time frame to keep the up trend alive. A clear bearish break down in price action below 131.06 support area will end an up trend and in such a market scenario, it would be best not to trade the market and re-analyze EUR/JPY 4 hours chart.

Summary

Based on EUR/JPY Elliott Wave Forecast the trend is up in 4 hours chart and a good idea is to look for a buy trade around 131.65 price area, as price is going to rise up towards 134.55 but a clear bearish break down in price action below 131.06 vital support area will end an up trend. On a short term basis, it is a bearish trend in EUR/JPY 15 minutes time frame and a good idea is to take a sell trade around 131.74 price level and price is probably going to drop towards 131.65 price level. However; if the price of EUR/JPY currency pair breaks above 132.38 vital resistance level then bearish trend is going to end. We recommend trading with these top-rated brokers when using our signals/analyses/forecasts as they handle your trades quicker and more efficiently with very low spreads and most of them have high trade execution rate.

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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. YouTube Forex Trading Education Channel 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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