Based on technical analysis the bullish trend is present in NZD/JPY currency pair, 4 hours time frame based on NZD/JPY Elliott Wave Weekly 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 69.51 price area which is the originating point of Bullish Leading Diagonal Elliott Wave i pattern. In my judgment, price action in NZD/JPY currency pair is now going to drop to complete a bearish corrective Zig Zag Elliott wave ii leg. So, market is going to drop first and then rise up a medium term basis. Next, expects a short term top in price action as well. Based on Elliott wave forecast, the current Bullish trend is part of a Bullish Zig Zag corrective Elliott Wave pattern, wave C leg in higher time frame.
Currently, Bullish corrective Elliott wave pattern wave ii looks in-complete. So, a good idea is to first wait for the price action to move sideways and drop lower and then look for a possible buy trading chance to join an up trend around 73.06 price area. However; if the price of NZD/JPY currency pair breaks below 69.51 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.
Below is the daily chart of NZD/JPY pair with my Elliott wave forecast which shows us a big picture and a well started bullish trend as well.
To me; price has printed Bearish corrective wave B leg. Now, price action is rising up to complete the Bullish impulse wave C pattern. So, now market is moving up on a long term basis to complete the bullish wave C leg. The bullish impulse wave C leg is the last and final rise as price is going to prints a long term top after that. Within the Bullish Zig Zag corrective Elliott wave pattern, all sub-waves must sub-divides into 5, 3 and 5 waves pattern.
The following Elliott Wave Bullish Zig Zag pattern diagram shows us a completed Bullish corrective wave pattern within the frame work of Elliott wave principle.
The Bullish Zig Zag pattern Elliott wave pattern belongs to the Elliott wave principle which shows that how price action does not moves in a straight line fashion but in a series of higher swing highs and higher swing lows. Bullish Zig Zag corrective Elliott wave pattern in an up trending market could be seen inside the above image. The figure shows what a Bullish Zig Zag corrective Elliott wave pattern looks like. If a trader knows what a Bullish Zig Zag corrective wave pattern 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 Bullish Zig Zag corrective wave pattern consists of total three waves. Two bullish legs in the favour of an up trend; and one bearish corrective Elliott wave pattern, against the up market trend. We use English alphabets to label all corrective wave structures. Please take a note that Bullish Zig Zag wave pattern is a corrective Elliott wave pattern which appears at a trending market environment and moves against the favour of larger upward market trend.
Based on my NZD/JPY technical analysis using Elliott Wave in daily chart, we have got a complete Bearish corrective wave B leg and price action is now rising up to prints bullish wave C leg. However; it is possible if price breaks below green colour support line then forecast will become in-valid. Now, price action is probably going to move sideways and then rise up more to prints a bullish impulse wave C leg which is going to complete Bullish Zig Zag pattern. To me; in four hours chart of NZD/JPY currency pair the bearish leg – wave ii Zig Zag corrective pattern which is part of a higher degree wave C leg in daily chart is just a bearish pull back in an up trend leg as mentioned above as wave C corrective wave pattern inside a daily price chart.
Strong key support level is present at 68.88 price area in NZD/JPY daily chart. So, I expect market to first move sideways for next coming trading days and then may be starts the rise. So, in my opinion market is going to remain bullish overall and on a medium to long term basis, expects a bullish leg in market. Next, market is probably going to resume the up trend after that in NZD/JPY currency pair, in daily chart.
Now, when an existing Bullish Elliott Wave Weekly Forecast in NZD/JPY is going to fail?
Well, the forecast is good for about next two weeks time and price should stays above 68.88 support area in daily time frame to keep the up trend alive. A clear bearish break down in price action below 68.88 support area will end the up trend and bullish Elliott Wave Weekly 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 Weekly Forecast the trend is up in daily chart and a good idea is to look for a buy trade around 76.87 price area, as price is going to rise up more towards 88.20 price area but a clear bearish break down in price action below 68.88 vital support area will end the up trend. Based on Elliott wave analysis, 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 73.06 price level and price is probably going to rise up towards 78.69 price level. However; if the price of NZD/JPY currency pair breaks below 73.19; 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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