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 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 133.96 price area which is the termination point of bearish wave i leg. In my judgment, price action in EUR/JPY currency pair is now going to drop more to print a Bearish Impulse wave iii leg as bullish corrective wave ii leg looks complete. 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 wave C corrective wave 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 133.39 price area. However; if the price of EUR/JPY currency pair breaks above 133.96 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.
If you are a trader who prefer to use robots and EAs to automate your trades and make them very profitable for you or require very good forex/stock training resources, please check this page.
Now, at this point; I must acknowledge that the trend is also bearish in higher time frame of EUR/JPY currency pair.
👉 ***Want to earn money with Bitcoin and other Cryptocurrencies without the pain and hassle of learning to trade from scratch? Imagine if you could trade and get regular results with profitable performance! Are you tired of the forex and crypto scams, false promises and games out there designed to separate you from your hard-earned funds? If any of that rings true with you, then STOP EVERYTHING. ProfitFarmers is for you! With their software working as your Crypto Co-Pilot, YOU remain as the Pilot with total control over your money, 100% of the time. ProfitFarmers is a trading tool that combines artificial intelligence with the expertise of veteran traders to deliver high-probability trade plans right into your hands. There’s no need to spend hours trying to figure out what to trade! Thanks to their integration with Binance, the biggest cryptocurrency exchange worldwide, ProfitFarmers executes your trades from entry to exit, you just choose the trade signals you like, pick your entry price and then let your Co-pilot take over the rest of the journey. Stay informed about every step of your money-making journey through push-notifications on their mobile app. Now there’s no need to constantly worry about your ongoing trades, just let your Co-Pilot handle it for you! This could easily be the holy grail of trading tools. Forget paying a guru to trade for you and take a massive cut of what you earn. With ProfitFarmers there are absolutely NO COMMISSIONS OR FEES ON YOUR TRADES. 100% of what you earn is 100% yours to keep. Period. Last quarter, ProfitFarmers produced 1,357 trade plans, and more than 60% of them offered peak gains of over +8%. By joining ProfitFarmers, you’ll never be short on money-making opportunities. Still wondering if this is too good to be true? ProfitFarmers has a 100% Money-Back Guarantee if they don’t deliver profitable opportunities onto their platform. If you are ready to upgrade your trading game and instantly expose yourself to profitable trade opportunities, now is the time. Head to ProfitFarmers now to start trading the easier way, with your very own Crypto Co-Pilot.PS: ProfitFarmers is a Trading Tool. Your money ALWAYS remains in your Binance wallet, never on ProfitFarmers. 100% Verified and Recommended by Valforex.com.
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 has completed the Bullish wave B and now market is trying to falls down to complete the Bearish Zig Zag Elliott wave pattern. The bearish wave C leg is the last and final decline as price is going to prints a bottom after that. Within the Bearish Impulse wave C leg, all sub-waves must sub-divides into 5, 3, 5, 3 and 5 waves Elliott pattern.
The following Elliott Wave Bearish 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 C. Now, price is probably going to falls more lower to complete the bearish 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 a down trend as mentioned above as Bullish Zig Zag inside a 15 minutes price chart.
Strong key resistance level is present at 134.55 in EUR/JPY four hours chart. So, I expect market to falls down more now to complete the bearish wave C leg. So, in my opinion market is going to remain sideways and then resume the down trend in EUR/JPY currency pair, in 4 hours chart.
However; price should stays below 134.55 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 134.55 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 133.55 price area, as price is going to drop more towards 132.15 but a clear bullish break out in price action above 134.55 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 133.39 price level and price is probably going to drop towards 133.00 price level. However; if the price of EUR/JPY currency pair breaks above 133.96 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.
Help Us Fight Scams. Please Donate to Support Our Work. No Amount is too Little or too Big. Thank You..
February 8, 2019 By Ghazanfar
The phrase ‘Necessity is the mother of invention’ seems true for Iran. This is because Iran has unveiled its own...
February 8, 2019 By Ghazanfar
In spite of long bear market, Bitcoin transactions per day are increasing. Today the level of these transactions has touched...
February 4, 2019 By Ghazanfar
Although bear market in crypto world is extending, yet many fiat currencies are facing the threat of destabilization. This is...
February 4, 2019 By Ghazanfar
In spite of mix signals from the cryptocurrency world about the future of cryptocurrencies, many countries are planning to test...
February 3, 2019 By Ghazanfar
The idea of Bitcoin adoption as an international currency is not at all new. Over the years, many financial experts...
February 2, 2019 By Ghazanfar
Bitcoin’s entry into the longest ever bear market in history is one of the most burning issues of today. The...
Valforex.com will not be liable for any damages incurred due to the usage of any information displayed on this website. The information and trading guides found on the website constitute the authors’ opinion only. Trading Forex, Binary options and Cryptocurrencies involve high-risk and are not suitable for all investors. Online trading in general, may not be legal in your jurisdiction. It’s visitors’ responsibility to make sure these entities are legal in their jurisdiction before engaging in trading activity. All trademarks, images and logos that appear on this site are copyrights of their respective owners and have been used under the Act of Fair Use.