The bullish trend is present in USD/JPY currency pair, 15 minutes time frame based on USD/JPY Elliott Wave Forecast. As I have forecasted few hours ago, the price of USD/JPY pair is going to rise up now on a short-term basis to prints a Bullish Zig Zag Elliott wave pattern and traders should look for a buy trade. So, all those Forex traders who have followed my analysis have made the right decision as price has ascended.
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Strong key support level is present at 105.67 price area which is the termination point of bearish wave (b) corrective leg. In my judgment, price action in USD/JPY currency pair is now rising up to prints a Bullish corrective wave (c) leg. So, market is going to remain bullish on a short term basis. Next, expect a top and a drop as well. Based on Elliott wave analysis, the current bullish price action is the Bullish Zig Zag corrective wave pattern which is part of a higher degree corrective Bullish Wave pattern – wave e leg.
Currently, Bullish Elliott wave pattern wave (c) looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 106.04 price area. However; if the price of USD/JPY currency pair breaks below 105.67 vital support level then up 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 actually 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 Running Triangle corrective pattern. Now, market is moving up to complete the corrective wave e Zig Zag leg. The bullish wave e leg is the last and final rise and price is going to start the decline and prints a possible bearish Impulse Wave (5) leg. Within the Bearish Running Triangle corrective pattern, all sub-waves must sub-divides into an impulse 3, 3, 3, 3 and 3 waves pattern.
The following Elliott Wave Bearish Running Triangle corrective pattern diagram shows us a completed Bearish Running Triangle Pattern within the frame work of Elliott wave principle.
Based on my USD/JPY Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bearish Running Triangle corrective pattern at wave (4) location. Now, price is probably going to move sideways and then falls down to start printing the Bearish impulse wave (5) leg. To me; in fifteen minutes chart of USD/JPY currency pair the bullish leg in price action is just a pull back in a down trend as mentioned above as Bullish Zig Zag corrective wave leg inside a 15 minutes price chart.
Strong key resistance level is present at 107.28 in USD/JPY four hours chart. So, I expect market to first rise up to print bullish corrective wave e leg and then falls down to complete the wave (5) 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 107.28 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 107.28 resistance area will end the 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 Elliott Wave Forecast the trend is down in 4 hours chart and a good idea is to look for a sell trade around 106.95 price area, as price is going to drop more towards 105.15 but a clear bullish break out in price action above 107.28 vital resistance area will end the down trend. On a short term basis, it is a bullish trend in USD/JPY 15 minutes time frame and a good idea is to take a buy trade around 106.04 price level and price is probably going to rise up towards 106.30 price level. However; if the price of USD/JPY currency pair breaks below 105.67 vital support level then bullish 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 rates.
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