Based on technical analysis the bearish trend is present in NZD/JPY currency pair, 4 hours time frame based on NZD/JPY Elliott Wave Long Term Forecast. As I have forecasted few hours ago, the price of NZD/JPY pair is going to drop now to prints a Bearish Impulse Elliott wave pattern and traders should look for a sell trade. So, all those Forex traders who have followed my Elliott wave forecast have made the right decision as price has descended.
Strong key resistance level is present at 74.41 price area which is the termination point of Bearish Impulse wave iv leg. In my judgment, price action in NZD/JPY currency pair is now to going to drop more to complete a bearish impulse wave leg – wave v. So, market is going to remain bearish on a medium term basis. Next, expects a short term bottom in price action as well. Based on Elliott wave forecast, the current Bearish trend is part of a Bearish Triple Zig Zag corrective Elliott Wave pattern, wave Z leg in higher time frame.
Currently, Bearish impulse Elliott wave pattern wave v looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend around 72.64 price area. However; if the price of NZD/JPY currency pair breaks above 74.41 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 NZD/JPY Elliott wave analysis in four hours chart.
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Now, at this point; I must acknowledge that the trend is also bearish in higher time frame of NZD/JPY currency pair.
Below is the daily chart of NZD/JPY pair with my Elliott wave forecast which shows us a big picture and a well started bearish trend as well.
To me; price has printed Bullish corrective wave X leg. Now, price action is falling down to complete the Bearish corrective wave Z pattern. So, now market is moving down on a long term basis to complete the bearish corrective wave Z leg. The bearish corrective wave Z leg is the last and final decline as price is going to prints a long term bottom after that. Within the Bearish Triple Zig Zag corrective Elliott wave pattern, all sub-waves must sub-divides into 3, 3, 3 and 3 waves pattern.
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The following Elliott Wave Bearish Triple Zig Zag pattern diagram shows us a completed Bearish corrective wave pattern within the frame work of Elliott wave principle.
The Bearish Triple Zig Zag Elliott wave pattern belongs to the Elliott wave principle which shows that how price action does not moves in a straight line fashion but in a series of lower swing highs and lower swing lows. Bearish corrective Elliott wave pattern in a down trending market could be seen inside the above image. The figure shows what a Bearish corrective Triple Zig Zag Elliott wave pattern looks like. If a trader knows what a Bearish corrective Bearish Triple Zig Zag wave pattern looks like, then it would become much easy for a currency trader to actually analyze the Forex charts and make a trading decision as well.
A Bearish Triple Zig Zag corrective wave consists of total five waves. Three bearish leg in the favour of down trend and two bullish corrective Elliott wave patterns, against the down market trend. We use English alphabets to label all corrective wave structures. Please take a note that Bearish Triple Zig Zag wave pattern is a corrective Elliott wave pattern which appears at a trending market environment and moves against the favour of larger upward market trend.
Based on my NZD/JPY technical analysis using Elliott Wave in daily chart, we have got a complete Bullish corrective wave X leg and price action is now falling down to prints bearish wave Z corrective leg. However; it is possible if price breaks above blue colour resistance line then forecast will become in-valid. Now, price action is probably going to move sideways and then fall down more to prints a bearish corrective wave Z leg. To me; in four hours chart of NZD/JPY currency pair the bearish leg – Bearish Impulse wave pattern which is part of a higher degree wave Z leg in daily chart is just a bearish leg in a down trend leg as mentioned above as wave Z corrective wave pattern inside a daily price chart.
Strong key resistance level is present at 75.51 price area in NZD/JPY daily chart. So, I expect market to first move sideways for next coming trading days and then may be starts the decline. So, in my opinion market is going to remain bearish overall and on a medium to long term basis, expects a bearish leg in market. Next, market is probably going to resume the down trend after that in NZD/JPY currency pair, in daily chart.
Now, when an existing Bearish Elliott Wave Long Term Forecast in NZD/JPY is going to fail?
Well, the forecast is good for about next two weeks time and price should stays below 75.51 resistance area in daily time frame to keep the down trend alive. A clear bullish out in price action above 75.51 resistance area will end the down trend and bearish Elliott Wave Long Term Forecast; in such a market scenario, it would be best not to trade the market and re-analyze NZD/JPY daily chart.
Based on NZD/JPY Elliott Wave Long Term Forecast the trend is down in daily chart and a good idea is to look for a sell trade around 72.00 price area, as price is going to drop more towards 70.00Â but a clear bullish break out in price action above 75.51 vital resistance area will end the down trend. On a medium term basis, it is a bearish trend in NZD/JPY 4 hours time frame and a good idea is to take a sell trade around 72.64 price level and price is probably going to drop lower towards 72.15 price level. However; if the price of NZD/JPY currency pair breaks above 74.41 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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