USD/JPY Elliott Wave Forecast in 15 Minutes chart
Bearish trend is present in USD/JPY currency pair, 15 minutes chart. As I have suggested via my Elliott Wave Forecast few hours ago, during my daily Forex Live Trading Room session, the price of USD/JPY currency pair is going to drop now on a short-term basis to create a Bearish Zig Zag corrective Elliott wave pattern and Spot Forex traders should consider taking a possible sell trading chance.
So, all those Forex traders who have followed my Elliott Wave Forecast have made the right decision as price has started the bearish leg wave c. Strong key resistance level is present at 107.60 price level. In my opinion, price action in USD/JPY currency pair has almost completed bullish wave B corrective Elliott wave pattern. So, based on Elliott wave forecast, Bearish impulse wave c leg is going to move price action down, towards 106.65 price area in coming trading hours.
Next, price action is most likely going to prints a short term bottom as well in coming trading hours after completing bullish impulse wave c pattern. As the trend is still bearish, Forex traders should consider only short trades and no trade against the current USD/JPY bearish trend as it is always easy to trade in the favour of market trend. Currently, bearish wave c leg which is part of the Bearish corrective Elliott wave pattern looks half finish. A good idea is to look for a possible sell trading chance to join the down trend around 107.10 price area.
However; if the price action in USD/JPY spot Forex pair breaks above 107.60 important resistance level then Bearish Elliott wave forecast will become in-valid. From this time forward, I may seize the opportunity to stay out of the market and re-assess the USD/JPY currency pair price movement in fifteen minutes chart. Forex traders who are interested to learn Trading with Elliott wave click here.