eur-jpyTrend is bullish in EUR/JPY currency pair, 15 minutes chart. The price is rising up on a short term basis to complete a possible Bullish Impulse Elliott Wave leg. So, traders should prepare for a long trade. Based on Elliott wave analysis, market is most likely going to move sideways for next few hours time.

Vital support area is present around 124.10 price level. In my judgment, market is creating a possible Bullish Impulse wave Elliott wave pattern. So, I expect price action to continue up and print a bullish leg in an up-coming trading hours.

However; if the price of EUR/JPY currency pair drops below 124.10 important support area then bullish Elliott wave count will become in-valid. In this case, I would prefer to stay out of the market and re-analyze the price action in EUR/JPY currency pair.

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