*** EUR/JPY – SHORT TERM ELLIOTT WAVE ANALYSIS ***

Trend is bullish in EUR/JPY currency pair, 15 minutes time frame. 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. So, all those Forex traders who have followed my Elliott wave analysis have made the right decision as the price has ascended. Strong key support level is present at 123.48 price level.

In my judgment, price action in EUR/JPY currency pair is now going to rise up towards 124.55 price level to print another possible bullish Zig Zag corrective Elliott wave pattern, in the coming trading hours.
 
Currently; bearish Zig Zag pattern looks complete. So, wait for the market to first break out of red color bearish trend channel and then look for a possible buy trading chance to join an uptrend. However; if the price of EUR/JPY currency pair breaks below 123.48 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.