The bearish trend is present in USD/JPY currency pair, 15 minutes time frame based on USD/JPY Forecast today. As I have forecasted few hours ago, the price of USD/JPY pair is going to drop up now on a short-term basis to prints a Bearish Impulse Wave Elliott wave (v) leg and traders should look for a sell trade. So, all those Forex traders who have followed my analysis have made the right decision as price has descended.
Strong key resistance level is present at 110.77 price area which is the termination point of bullish wave (iv) leg. In my judgment, price action in USD/JPY currency pair is now falling down to print a Bearish Impulse Wave (v). So, market is going to resume the down trend as Corrective bullish wave (iv) looks complete. Based on Elliott wave analysis, the current bearish decline is wave (v) which is part of a larger Wave 5 Impulse Elliott wave leg.
Currently, Bearish Impulse Wave (v) Elliott wave pattern looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend around 110.22 price area.
However; if the price of USD/JPY currency pair breaks above 110.77 vital resistance level then down trend is going to end. In such a market scenario, it would be best not to trade the Forex market and re-do the USD/JPY Elliott wave analysis in fifteen minutes chart.
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Now, at this point; I must acknowledge that the trend is also bearish in higher time frame of USD/JPY currency pair.
Below is the 4 hours chart of USD/JPY pair with my Elliott wave analysis which shows us a big picture and a well started bearish trend as well.
To me; price is trying to complete the Bearish Impulse Elliott wave Pattern. Now, market is falling down to complete the bearish Wave 5 leg. The bearish wave 5 leg which is the last and final decline as well is going to complete the bearish Impulse Elliott Wave pattern. Within the Bearish Impulse Wave pattern – , all sub-waves must sub-divides into 1, 2, 3, 4 and 5 waves pattern.
The following Elliott Wave Bearish Impulse pattern diagram shows us a completed Bearish Impulse Wave within the frame work of Elliott wave principle.
Based on my USD/JPY Forecast today in 4 hours chart, we have got an in-complete Bearish Impulse wave pattern. Now, price is probably going to drop more to complete the Bearish wave 5 leg. To me; in fifteen minutes chart of USD/JPY currency pair the bullish leg in price action was just a pull back in a down trend as mentioned above as a bullish wave (iv) corrective leg.
Strong key resistance level is present at 112.19 in USD/JPY four hours chart. So, I expect market to falls down more now to complete the bearish wave 5 leg which is going to complete Bearish Impulse Wave pattern. So, in my opinion market is going to remain sideways and then resume the down trend in USD/JPY currency pair, in 4 hours chart.
However; price should stays below 112.19 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 112.19 resistance area will end down trend and in such a market scenario, it would be best not to trade the market and re-analyze USD/JPY 4 hours chart.
Based on USD/JPY Forecast today the trend is down in 4 hours chart and a good idea is to look for a sell trade around 110.24 price area, as price is going to drop more towards 109.85 but a clear bullish break out in price action above 112.19 vital resistance area will end the down trend. On a short term basis, it is again a bearish trend in USD/JPY 15 minutes time frame and a good idea is to take a sell trade around 110.22 price level and price is probably going to drop towards 109.95 price level. However; if the price of USD/JPY currency pair breaks above 110.77 vital resistance level then bearish trend is going to end. We recommend trading with these top-rated brokers when using our signals/analyses/forecasts as they handle your trades quicker and more efficiently with very low spreads and most of them have high trade execution rate.
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good article about forcast. Really informative. Good