The bearish trend is present in USD/JPY currency pair, 15 minutes time frame based on USD/JPY Elliott Wave Forecast. As I have forecasted few hours ago, the price of USD/JPY pair is going to drop now on a short-term basis to prints a Bearish Impulse wave (iii) Elliott 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 106.73 price area. In my judgment, price action in USD/JPY currency pair is now going to drop more to print a Bearish Impulse wave (iii) leg as bullish Zig Zag corrective wave (ii) leg has completed. So, market is going to remain bearish to complete the Bearish Impulse Elliott wave (iii) pattern which looks in-complete. Based on Elliott wave analysis, the current bearish price action is part of a bearish impulse wave 1 leg in higher degree Elliott wave pattern.
Currently, Bearish Impulse Elliott wave (iii) leg looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend around 106.51 price area. However; if the price of USD/JPY currency pair breaks above 106.73 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 USD/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 USD/JPY currency pair.
Below is the 4 hours chart of USD/JPY pair with my Elliott wave analysis which shows us a big picture and a well started bearish trend as well.
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Now market is trying to falls down to complete the Bearish Impulse Elliott wave pattern. The bearish wave 1 leg is not the last decline as price is going to rise up and down few more time. Within the Bearish Impulse wave pattern, all sub-waves must sub-divides into 5, 3, 5, 3 and 5 waves Elliott pattern.
The following Bearish Impulse Elliott Wave pattern diagram shows us a completed Bearish Impulse wave leg within the frame work of Elliott wave principle.
Based on my USD/JPY Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bearish Impulse Elliott wave pattern. Now, price is probably going to falls more lower to complete the bearish wave 1 leg. To me; in fifteen minutes chart of USD/JPY currency pair the bullish leg in price action is just a pull back in a down trend as mentioned above as Bullish Zig Zag inside a 15 minutes price chart.
Strong key resistance level is present at 107.04 in USD/JPY four hours chart. So, I expect market to falls down more now to complete the bearish wave 1 leg. So, in my opinion market is going to remain sideways and then resume the down trend in USD/JPY currency pair, in 4 hours chart.
However; price should stays below 107.04 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 107.04 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 USD/JPY 4 hours chart.
Based on USD/JPY Elliott Wave Forecast the trend is down in 4 hours chart and a good idea is to look for a sell trade around 106.35 price area, as price is going to drop more towards 105.15 but a clear bullish break out in price action above 107.04 vital resistance area will end the down trend. On a short term basis, it is again a bearish trend in USD/JPY 15 minutes time frame and a good idea is to take a sell trade around 106.51 price level and price is probably going to drop towards 105.85 price level. However; if the price of USD/JPY currency pair breaks above 106.73 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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