The bullish trend is present in NZD/JPY currency pair, 4 hours time frame based on NZD/JPY Elliott Wave Long Term Forecast. As I have forecasted few hours ago, the price of NZD/JPY pair is going to rise up now to prints a Bullish Impulse Elliott wave pattern and traders should look for a buy trade. So, all those Forex traders who have followed my Elliott wave forecast have made the right decision as price has ascended.
Strong key support level is present at 72.93 price area which is the termination point of bullish impulse wave i leg. In my judgment, price action in NZD/JPY currency pair is now rising up to completes a bullish impulse wave iii leg. So, market is going to remain bullish on a short term basis. Next, expects a top and a drop as well which is going to be just a pull back in an up trend. Based on Elliott wave forecast, the current Bullish price action is part of a Bearish impulse Elliott Wave pattern.
Currently, Bullish impulse Elliott wave pattern wave iii looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 75.15 price area. However; if the price of NZD/JPY currency pair breaks below 72.93 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 NZD/JPY Elliott wave analysis in four hours chart.
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Now, at this point; I must acknowledge that the trend is also bullish in higher time frame of NZD/JPY currency pair.
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Below is the daily chart of NZD/JPY pair with my Elliott wave analysis which shows us a big picture and a weak started bullish trend as well.
To me; price has printed Bearish Double Zig Zag corrective leg. Now, price action is rising up to complete the Bullish Zig Zag wave X corrective wave pattern. So, now market is moving up overall to complete the corrective wave X leg. The bullish wave X leg is the last and final rise and price is going to prints a top after that around the downward slopping red colour upper trend line channel. Within the Bearish Double Zig Zag corrective wave X pattern, all sub-waves must sub-divides into a corrective wave 3 and 3 waves pattern.
The following Elliott Wave Bearish Double Zig Zag corrective pattern diagram shows us a completed Bearish double Zig Zag pattern within the frame work of Elliott wave principle.
The Double bearish Zig Zag wave pattern of the Elliott wave principle shows that how price action does not moves in a straight line fashion but in a series of highs (rises) and lows (retracements). Bearish double Zig Zag Elliott wave pattern in a down trending market could be seen inside the above image. The figure shows what a double Bearish Zig Zag wave pattern looks like. If a trader knows what a bearish double Zig Zag looks like, then it would become much easy for a currency trader to actually analyze the Forex charts and make a trading decision as well.
A Bearish double Zig Zag consists of two Zig Zags Elliott wave patterns, joined by an X wave. We use W English alphabet to label first Zig Zag wave leg and we use Y English alphabet to label second Zig Zag wave leg. Please take a note that Zig Zag pattern is a corrective Elliott wave pattern which appears at a pull back in a main market trend and so the double Zig Zag.
Based on my NZD/JPY Elliott Wave Long Term Forecast in daily chart, we have got a complete Bearish double Zig Zag corrective pattern which is now going to turn into a bearish Triple Zig Zag corrective pattern. However; it is possible if price breaks out of bearish red colour trend channel lines then the bearish Triple Zig Zag forecast will become in-valid. Now, price action is probably going to move sideways and then rise up more to start prints a bullish corrective wave X leg. To me; in four hours chart of NZD/JPY currency pair the bullish leg – wave iii which is part of a higher degree X wave in yellow color in daily chart is just a bullish leg as mentioned above as wave X corrective pattern inside a daily price chart.
Strong key support level is present at 72.23 price area in NZD/JPY daily chart. So, I expect market to first rise up for next coming trading days and then may be starts the decline after hitting the downward sloping bearish red colour trend channel. So, in my opinion market is going to remain bullish, at least on a medium to long term basis and then probably resume the down trend after that in NZD/JPY currency pair, in daily chart.
Now, when an existing Bullish Elliott Wave Long Term Forecast in NZD/JPY is going to fail?
Well, the forecast is good for about next two weeks time and price should stays above 72.23 support area in daily time frame to keep the up trend alive. A clear bearish down out in price action below 72.23 support area will end the up trend and bullish Elliott Wave Long Term Forecast; in such a market scenario, it would be best not to trade the market and re-analyze NZD/JPY daily chart.
Based on NZD/JPY Elliott Wave Long Term Forecast the trend is up in daily chart and a good idea is to look for a buy trade around 75.50 price area, as price is going to rise up more towards 78.00 but a clear bearish break down in price action below 72.23 vital support area will end an up trend. On a medium term basis, it is a bullish trend in NZD/JPY 4 hours time frame and a good idea is to take a buy trade around 75.15 price level and price is probably going to rise up towards 76.00 price level. However; if the price of NZD/JPY currency pair breaks below 72.93 vital support level then bullish 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.
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