The trend is bearish in EUR/JPY currency pair, 15 minutes time frame. The price of EUR/JPY Forex pair is going to drop now on a short-term basis to print a Bearish Impulse Elliott Wave C-leg and traders should look for a sell trade. Strong key resistance level is present at 124.44 price area.

In my judgment, the price action in EUR/JPY currency pair is now going to drop more towards 123.65 price area as the bearish wave C impulse wave just started. Based on Elliott Wave analysis, the bearish wave C is going to complete the Bearish Zig Zag Elliott wave pattern as well.

Currently, Bearish wave C leg looks incomplete. So, a good idea is to look for a possible sell trading chance to join the downtrend and ride the bearish wave C leg. However; if the price of EUR/JPY currency pair breaks above 124.44 important resistance level then bearish Elliott Wave forecast will become invalid. In such a market scenario, it would be best not to trade the market and re-analyze the EUR/JPY fifteen minutes chart.

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