*** EUR/JPY – SHORT TERM ELLIOTT WAVE ANALYSIS ***
Trend is bullish in EUR/JPY currency pair, 15 minutes time frame. As I have suggested few hours ago during my daily Live trading room session, the market is rising up on a short term basis to print a corrective Elliott wave C bullish leg and traders should look for a buy trade. Strong key support level is present at 123.36 price level.
In my judgment, price action in EUR/JPY currency pair is now going to move sideways and then up to print a complete bullish Elliott wave C wave leg. Wave C is going to complete the corrective Bullish Zig Zag pattern. The current market action offers us a possible long trading chance to join an uptrend in the next coming trading hours.
Currently; price action of EUR/JPY currency pair is in the progress to complete the bullish wave C leg which is going to complete the bullish Zig Zag Elliott wave pattern. So, a good idea is to look for a possible buy trading chance at the market to join an uptrend as the bullish Zig Zag looks in-complete. However; if the price of EUR/JPY currency pair breaks below 123.36 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.
