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 132.46 price area which is the originating 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) 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 impulse 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 131.86 price area. However; if the price of EUR/JPY currency pair breaks above 132.46 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.
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.
👉 Are you looking for a Forex Robot that offers realistic returns even when the markets are volatile or down? Golden Pickaxe is the BEST Forex robot using low risk and EARNING a whopping 47.93% monthly profit margin. You get a robot offering the best in terms of safety and guaranteed profits no matter the risks. A gold-driven EA robot, the robot was created and developed over ten years. It has the pedigree to offer gold traders a profitable all-year-long profit regardless of market conditions. We have tested the platform, and it has seen remarkable profit margins for the past 15 months. The well-known trader developer (Valeriia), put the robot out there for any trader to confirm its realistic profitability. And the robot was tested and seen to be even better than what we thought was the best, Waka Waka. Golden Pickaxe is now one of the best-proven forex robots that offer profitable outcomes, and all data are third-party verified independently via Myfxbook. The balance volume for Golden Pickaxe is there for anyone to see. And that means you get a transparent Forex robot guaranteeing results. Even when facing drawbacks of 37.47%, the robot balances the profits. With an automated trading robot, you can receive near-perfect signals for trading gold. And that’s what every trader needs when investing in Gold. So what are you waiting for? We have tested the robot and Guarantee it’s a perfect match for you. Start earning realistic profit margins from forex trading with a LOW-RISK thanks to Golden Pickaxe. We have been using it even when the gold market was risky. Thanks to this automated forex robot, you can earn 47.93% ROI or more per month consistently. Complete beginners to Forex can start and immediately start earning a stable and reliable income with it. What's more? You don’t even have to deposit funds with your broker when using the Golden Pickaxe robot. Just register with a Broker such as IC Markets or Coinexx (for US-based traders); there’s no need to deposit your real funds with them. Instead, use the Golden Pickaxe robot to pass a funded account challenge on FTMO. No worries, it’s very easy to pass once you install the EA. Once you pass the challenge, FTMO funds your account with real live funds depending on the challenge you passed, then you can simply carry on trading with the EA on the live account and request payouts monthly whenever you want to withdraw your profits. All challenges and trading are done automatically by the Golden Pickaxe robot, so you don't have to worry. Or... if you don't like the idea of a trading challenge/evaluation, you can simply buy a cheap funded account with prop firms we recommend like FundYourFx, get instant funding of a real account, then start using the robot to trade, profit and make weekly withdrawals, very easy. If you have any questions or want help with the setup, head over to our live chat and ask for Corey Woods. Corey will help you with any issues, problems, or initial setup along the way. Here’s your chance to start trading Gold and earn with an AUTHENTIC, PROVEN, AND SAFE Forex Robot. Sign up today for a chance to get a reliable side income with GOLDEN PICKAXE. Click the button below to buy the EA, then contact me on live chat if you need any help setting up the whole thing.
To me; price is trying 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 leg inside a 15 minutes price chart.
Strong key resistance level is present at 133.88 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 133.88 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 133.88 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 131.80 price area, as price is going to drop more towards 131.05 but a clear bullish break out in price action above 133.88 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 131.86 price level and price is probably going to drop towards 131.15 price level. However; if the price of EUR/JPY currency pair breaks above 132.46 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.
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.