A bearish trend is present in USD/JPY currency pair, 15 minutes chart. The price of USD/JPY currency pair is going to drop now on a short-term basis to create a Bearish Zig Zag corrective Elliott wave pattern and Spot Forex traders should consider taking a possible sell trading chance.
Strong key resistance level is present at 107.60 price level. In my opinion, price action in USD/JPY currency pair has almost completed bullish wave B corrective Elliott wave pattern. So, based on Elliott wave forecast, Bearish impulse wave C-leg is going to move price action down, towards 106.65 price area in coming trading hours.
Next, price action is most likely going to prints a short-term bottom as well in coming trading hours after completing bullish impulse wave c pattern. As the trend is still bearish, Forex traders should consider only short trades and no trade against the current USD/JPY bearish trend as it is always easy to trade in the favor of market trend. Currently, bearish wave C-leg which is part of the Bearish corrective Elliott wave pattern looks half finished. A good idea is to look for a possible sell trading chance to join the downtrend around 107.10 price area.
However; if the price action in USD/JPY spot Forex pair breaks above 107.60 important resistance level then Bearish Elliott wave forecast will become invalid. From this time forward, I may seize the opportunity to stay out of the market and re-assess the USD/JPY currency pair price movement in fifteen minutes chart.
USD/JPY Elliott Wave Forecast in 15 Minutes chart
(Click on image to enlarge)