EUR/JPY Elliott Wave Analysis in 15 Minutes chart
Bearish trend is present in EUR/JPY currency pair, 15 minutes chart. As I have suggested via my Elliott Wave Analysis few hours ago, the price of EUR/JPY currency pair is going to drop now on a short-term basis to create a Bearish Double 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 133.38 price level which is the originating point of Bearish wave c pattern. In my opinion, price action in EUR/JPY currency pair is in the process to complete the Bearish Double Zig Zag corrective Elliott wave pattern. So, I expect the market to first move up and then resume the down trend and falls towards 132.55 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 Bearish corrective Double Zig Zag pattern. As the trend is still Bearish, Forex traders should consider only short trades and no trade against the current EUR/JPY Bearish trend as it is always easy to trade in the favour of market trend.
Currently, bearish wave c of wave Y corrective Elliott wave pattern looks half finish. A good idea is to look for a possible sell trading chance to join the down trend at the current price level.
However; if the price action in EUR/JPY spot Forex pair breaks above 133.38 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 EUR/JPY currency pair price movement in fifteen minutes chart. Spot Forex traders who are interested to learn Price Patterns click here.
This post first appeared on FX Instructor Forex Blog - For Traders, By Traders, please read the originial post: here