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 Elliott wave pattern and Spot Forex traders should consider taking a possible sell trading chance.

Strong key resistance level is present at 113.25 price level which is the originating point of Bearish Impulse Wave A leg. In my opinion, price action in USD/JPY currency pair is in the process to complete bullish Zig Zag wave B corrective Elliott wave pattern. Based on Elliott wave analysis, bullish wave C Zig Zag corrective wave pattern is now in progress. So, I expect the market to first move up and then resume the downtrend and falls towards 112.25 price area in coming trading hours.

Next, price action is most likely going to prints a bottom as well in coming trading hours after completing Bearish 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, bullish wave B leg which is part of the Bearish Zig Zag Elliott wave pattern looks half finished. A good idea is to wait for the market to rise up more and then look for a possible sell trading chance to join the downtrend.

However; if the price action in USD/JPY spot Forex pair breaks above 113.25 important resistance level then Bearish 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.