The bullish trend is present in USD/JPY currency pair, 15 minutes chart. The price of USD/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 112.24 price level which is the ending point of Bearish Zig Zag wave (ii) corrective leg. In my opinion, price action in USD/JPY currency pair has not completed bullish wave (iii) impulse Elliott wave pattern. So, based on Elliott wave analysis, Bullish Impulse wave (iii) leg is now in progress and I expect the market to first move sideways and then resume an uptrend to rise towards 113.30 price area in coming trading hours.

Next, price action is most likely going to prints a short-term top as well in coming trading hours after completing bullish Impulse wave (iii) pattern. As the trend is still bullish, Forex traders should consider only long trades and no trade against the current USD/JPY bullish trend as it is always easy to trade in the favor of market trend. Currently, bullish wave (iii) 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.

However; if the price action in USD/JPY spot Forex pair breaks below 112.24 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 USD/JPY currency pair price movement in fifteen minutes chart.

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