*** EUR/JPY – SHORT TERM ELLIOTT WAVE ANALYSIS ***
Trend is bullish in EUR/JPY currency pair, 15 minutes time frame. As I suggested a few hours ago during my Daily Live Trading Room session, the market is rising up on a short term basis after completing a Bearish Zig Zag corrective Elliott wave pattern and traders should look for a long trade. Strong key support level is present at 123.29 price level.
In my judgment, price action in EUR/JPY currency pair is now going to rise up more towards 124.25 price level to print a possible bullish a,b and c Zig Zag Elliott wave pattern, in the coming trading hours.
Currently; bullish Zig Zag Elliott wave pattern looks in-complete. So, wait for the market to first create a bearish pullback at wave b. Next, look for a possible buy trading chance to join an uptrend. However; if the price of EUR/JPY currency pair breaks below 123.29 critical support level then I might like to stay out of the market and re-examine the fifteen minutes chart of EUR/JPY currency pair.
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