The bullish trend is present in EUR/JPY currency pair, 15 minutes chart. The price of EUR/JPY currency pair is going to rise up now on a short-term basis to create a Bullish Impulse Elliott wave pattern and Spot Forex traders should consider taking a possible buy trading chance.
Strong key support level is present at 131.92 price level which is the originating point of Bullish Impulse wave 1 leg. In my opinion, price action in EUR/JPY currency pair has completed bullish wave 3 impulse Elliott wave pattern and now, I expect a bearish Zig Zag wave 4 pullback in price action. So, based on Elliott wave analysis, Bearish corrective wave 4 leg is going to start after few hours time and I expect the market to first move lower to complete the corrective bearish Zig Zag wave 4 leg and then resume an uptrend to rise towards 132.85 price area in coming trading hours.
Next, the price action is most likely going to prints a short-term top as well in coming trading hours after completing bullish Impulse wave 5 pattern. As the trend is still bullish, Forex traders should consider only long trades and no trade against the current EUR/JPY bullish trend as it is always easy to trade in the favor of market trend. Currently, bearish wave 4 leg which is part of the Bullish Impulse Elliott wave pattern looks half finished. A good idea is to look for a possible buy trading chance to join an uptrend around 132.35 price area.
However; if the price action in EUR/JPY spot Forex pair breaks below 131.92 important support level then Bullish Elliott wave analysis will become invalid. From this time forward, I may seize the opportunity to stay out of the market and re-assess the EUR/JPY currency pair price movement in fifteen minutes chart.
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