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EUR/JPY Elliott Wave Forecast 24th October, 2017

EUR/JPY Elliott Wave Forecast 24th October, 2017

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EUR/JPY Elliott Wave Forecast

EUR/JPY Elliott Wave Forecast in 15 Minutes chart

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 Impulse Elliott Wave pattern wave (iii) 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 133.34 price area which is the termination point of Bullish wave (i) leg. In my judgment, price action in EUR/JPY currency pair is first going to move sideways and then rise up to prints a Bullish Impulse wave (iii) leg. So, market is going to rise up more now to complete the Bullish Impulse Elliott wave pattern which looks in-complete. Based on Elliott wave analysis, the current bullish price action is the Bullish Impulse wave leg which is part of a higher degree Bullish Impulse wave 5 Elliott wave pattern.

Currently, Bullish Impulse 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 133.67 price area. However; if the price of EUR/JPY currency pair breaks below 133.34 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.

EUR/JPY Elliott Wave Forecast in 4 Hours chart

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 bullish trend as well.

EUR/JPY Elliott Wave Forecast

To me; price is trying to complete the Bullish Impulse Elliott wave pattern. Now, market is rising up to complete the bullish wave 5 leg. The bullish wave 5 leg is the not the last and final rise as price is going to drop and rise up several more times. 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 Impulse pattern diagram shows us a completed Bullish Impulse Elliott wave leg within the frame work of Elliott wave principle.

Elliott Wave Bullish Impulse pattern

Based on my EUR/JPY Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bullish Impulse Elliott wave pattern. Now, price is probably going to rise up to complete the bullish impulse wave 5 leg. To me; in fifteen minutes chart of EUR/JPY currency pair the bearish leg in price action was just a pull back in an up trend as mentioned above as a Bearish Zig Zag corrective 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 rise up more now to complete the Bullish Impulse Elliott wave pattern – wave 5 leg. So, in my opinion market is going to remain sideways a little bit 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 133.69 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 bullish trend in EUR/JPY 15 minutes time frame and a good idea is to take a buy trade around 133.67 price level and price is probably going to rise towards 134.00 price level. However; if the price of EUR/JPY currency pair breaks below 133.34 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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