USD/JPY Elliott Wave Analysis in 15 Minutes chart
Bearish trend is present in USD/JPY currency pair, 15 minutes chart. As I have suggested 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 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 Analysis have made the right decision as price has started the Bearish leg. Strong key resistance level is present at 113.25 price level which is the originating point of Bearish Impulse Wave A leg. In my opinion, price action in USD/JPY currency pair is in the process to complete bullish Zig Zag wave B corrective Elliott wave pattern. Based on Elliott wave analysis, bullish wave C Zig Zag corrective wave pattern is now in progress. So, I expect the market to first move up and then resume the down trend and falls towards 112.25 price area in coming trading hours.
Next, price action is most likely going to prints a bottom as well in coming trading hours after completing Bearish 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, bullish wave B leg which is part of the Bearish Zig Zag Elliott wave pattern looks half finish. A good idea is to wait for the market to rise up more and then look for a possible sell trading chance to join the down trend.
However; if the price action in USD/JPY spot Forex pair breaks above 113.25 important resistance level then Bearish 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 USD/JPY currency pair price movement in fifteen minutes chart.