EUR/JPY Elliott Wave Analysis in 15 Minutes chart
Bullish trend is present in EUR/JPY currency pair, 15 minutes chart. As I have suggested via my Elliott Wave Analysis few hours ago, during my daily Forex Live Trading Room session, the price of EUR/JPY currency pair is going to rise up now on a short-term basis to create a Bullish Impulse Elliott wave pattern and Spot Forex traders should consider taking a possible buy trading chance.
So, all those Forex traders who have followed my Elliott Wave Analysis have made the right decision as price has started the bullish leg. Strong key support level is present at 131.92 price level which is the originating point of Bullish Impulse wave 1 leg. In my opinion, price action in EUR/JPY currency pair has completed bullish wave 3 impulse Elliott wave pattern and now, I expects a bearish Zig Zag wave 4 pull back in price action. So, based on Elliott wave analysis, Bearish corrective wave 4 leg is going to start after few hours time and I expect the market to first move lower to complete the corrective bearish Zig Zag wave 4 leg and then resume an up trend to rise towards 132.85 price area in coming trading hours.
Next, price action is most likely going to prints a short term top as well in coming trading hours after completing bullish Impulse wave 5 pattern. As the trend is still bullish, Forex traders should consider only long trades and no trade against the current EUR/JPY bullish trend as it is always easy to trade in the favour of market trend. Currently, bearish wave 4 leg which is part of the Bullish Impulse Elliott wave pattern looks half finish. A good idea is to look for a possible buy trading chance to join an up trend around 132.35 price area.
However; if the price action in EUR/JPY spot Forex pair breaks below 131.92 important support level then Bullish Elliott wave analysis will become in-valid. From this time forward, I may seize the opportunity to stay out of the market and re-assess the EUR/JPY currency pair price movement in fifteen minutes chart. Forex traders who are interested to learn Trading with Elliott wave click here.