Trend is up in EUR/JPY currency pair, 4 hours time frame. As I have suggested past week during my daily Live trading room session, market is printing a possible Elliott wave corrective Zig Zag pattern. So, all those Forex traders who have followed the analysis and took a sell trade have made the right decision as the price has moved down. Strong key support level is present at 121.47 price level.
Be sure to check out daily Forex market updates via Live Trading Room. In my judgment, market is now in the process to rise up and complete a possible bullish impulse Wave 3 leg in next coming trading days.
Current price action offers a possible buy trading chance to join an upcoming bullish leg. However; if price of EUR/JPY currency pair drops below 121.47 support level then I might like to stay out of market and re-examine price chart of EUR/JPY currency pair.