The bearish trend is present in USD/JPY currency pair, 15 minutes time frame based on USD/JPY Forecast today. As I have forecasted few hours ago, the price of USD/JPY pair is going to drop up now on a short-term basis to prints a Bearish Impulse Wave Elliott wave v 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 112.14 price area which is the termination point of bearish wave i leg. In my judgment, price action in USD/JPY currency pair is now falling down to print a Bearish Impulse Wave v. So, market is going to resume the down trend as Corrective bullish wave iv looks complete. Based on Elliott wave analysis, the current bearish wave v which is part of a larger Wave C leg.
Currently, Bearish Impulse Wave v Elliott wave pattern looks in-complete. So, a good idea is to first wait out side of the market and allow price action of USD/JPY to drop few more pips. Next, look for a possible sell trading chance to join the down trend around 111.65 price area.
However; if the price of USD/JPY currency pair breaks above 112.14 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 USD/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 USD/JPY currency pair.
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Below is the 4 hours chart of USD/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 Zig Zag Pattern. Now, market is falling down to complete the bearish Wave C leg. The bearish wave C leg which is the last and final pull back as well is going to complete the bearish Zig Zag Elliott Wave pattern. Within the Bearish Zig Zag pattern – , all sub-waves must sub-divides into a, b and c corrective wave pattern.
The following Elliott Wave Bearish Zig Zag pattern diagram shows us a completed Bearish Zig Zag pattern within the frame work of Elliott wave principle.
Based on my USD/JPY Forecast today in 4 hours chart, we have got an in-complete Bearish Zig Zag pattern. Now, price is probably going to drop more to complete the Bearish wave C leg. To me; in fifteen minutes chart of USD/JPY currency pair the bullish leg in price action was just a pull back in a down trend as mentioned above as a bullish wave iv corrective leg.
Strong key resistance level is present at 114.47 in USD/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 USD/JPY currency pair, in 4 hours chart.
However; price should stays below 114.47 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 114.47 resistance area will end down trend and in such a market scenario, it would be best not to trade the market and re-analyze USD/JPY 4 hours chart.
Based on USD/JPY Forecast today the trend is down in 4 hours chart and a good idea is to look for a sell trade around 111.71 price area, as price is going to drop more towards 111.00 but a clear bullish break out in price action above 114.47 vital resistance area will end the down trend. On a short term basis, it is again a bearish trend in USD/JPY 15 minutes time frame and a good idea is to take a sell trade around 111.65 price level and price is probably going to drop towards 111.40 price level. However; if the price of USD/JPY currency pair breaks above 112.14 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.
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