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The bearish trend is present in EUR/JPY currency pair, 15 minutes time frame based on EUR/JPY Forecast today. As I forecasted few hours ago, the price of EUR/JPY pair is going to rise up now on a short-term basis to print a bearish corrective Bearish Double Zig Zag Elliott wave b leg 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 129.73 price area which is the termination point of bullish wave a leg. I believe price action in EUR/JPY currency pair is now moving up to print a Bullish Double Zig Zag wave c. Next, market is going to resume the down trend as Corrective Elliott wave Bearish Double Zig Zag pattern at Wave d location. Based on Elliott wave analysis, the current bullish wave Y which is part of a bullish wave c leg is just a pull back in a down trend. So, after the completion of wave Y, I expect the market to resume the bearish trend to print a Bearish Double Zig Zag d leg.
Currently, Bullish Double Zig Zag Wave Y pattern looks in-complete. So, a good idea is to first wait out side of the market and allow price action of EUR/JPY to rise up few more pips. Next, look for a possible sell trading chance to join the down trend around 129.45 price area.
However; if the price of EUR/JPY currency pair breaks above 129.73 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 EUR/JPY Elliott wave analysis in fifteen minutes chart.
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Now, at this point; I must acknowledge that the trend is also bearish in higher time frame of EUR/JPY currency pair.
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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 is trying to complete the Corrective Elliott wave Bearish Contracting Triangle Pattern at wave 4 location. Now, market is moving sideways to print all the Bearish Contracting Triangle legs. The bullish corrective wave 5 leg which is the last and final pull back as well after that expect market to print a bearish Impulse Elliott Wave 5 pattern. Within the Bearish Contracting Triangle pattern – wave 4, all sub-waves must sub-divides into a, b, c, d and e corrective wave pattern.
The following Elliott Wave Bearish Contracting Triangle pattern diagram shows us a completed Bearish Contracting Triangle pattern within the frame work of Elliott wave principle.
Based on my EUR/JPY Forecast today in 4 hours chart, we have got an in-complete Bearish Contracting Triangle pattern at wave 4 location. Now, price is probably going to move sideways and then drop more to complete the Bearish wave 5 impulse pattern.
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 a bullish wave c Double Zig Zag corrective leg.
Strong key resistance level is present at 130.09 in EUR/JPY four hours chart. So, I expect market to falls down more now to complete the bearish wave 5 leg which is going to complete Bearish Impulse Wave pattern. 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 130.09 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 130.09 resistance area will end 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 Forecast today the trend is down in 4 hours chart and a good idea is to look for a sell trade around 128.85 price area, as price is going to drop more towards 128.45 but a clear bullish break out in price action above 130.09 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 129.45 price level and price is probably going to drop towards 128.55 area. However; if the price of EUR/JPY currency pair breaks above 129.73 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 rates.
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