EUR/JPY – SHORT TERM ELLIOTT WAVE ANALYSIS
The trend is bearish in EUR/JPY currency pair, 15 minutes time frame. As I suggested few hours ago during my daily Live Trading Room session, the price of EUR/JPY Forex pair is going to drop now on a short-term basis to print a Bearish Impulse Elliott Wave C leg and traders should look for a sell trade. So, all those Forex traders who have followed my Elliott Wave analysis have made the right decision as the price has descended. Strong key resistance level is present at 124.44 price area.
In my judgment, price action in EUR/JPY currency pair is now going to drop more towards 123.65 price area as the bearish wave C impulse wave just started. Based on Elliott wave analysis, the bearish wave C is going to complete the Bearish Zig Zag Elliott wave pattern as well.
Currently, Bearish wave C leg looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend and ride the bearish wave C leg. However; if the price of EUR/JPY currency pair breaks above 124.44 important resistance level then bearish Elliott wave forecast will become in-valid. In such a market scenario, it would be best not to trade the market and re-analyze the EUR/JPY fifteen minute chart.