Trend is bearish in EUR/JPY currency pair in 15 minutes time frame. Based on Elliott wave analysis price is falling down to print a bearish impulse wave leg.

Short term resistance is present at 113.64 price level. I expect price to drop more towards 112.70 price level in next coming trading hours. A good idea is to look for a sell trade and join the down trend.

However; a bullish break out in price action above 113.64 price level will the down trend. In such market scenario I would prefer to wait out side and reanalyze the price action in EUR/JPY currency pair, fifteen Minutes Chart.