E EUR/JPY Elliott Wave Forecast: Wave IV Pull Back

The trend is bullish in EUR/JPY currency pair, 15 minutes time frame. As I have suggested a few hours ago during my daily Live trading room session, the market is rising up on a short term basis after printing an incomplete bearish wave iv corrective Elliott wave pattern and traders should look for a long trade. Strong key support level is present at 124.83 price level.

In my judgment, price action in EUR/JPY currency pair is most likely going to move up and then turn sideways. I expect a bullish Flat or Triangle corrective Elliott wave pattern at wave IV location, in the coming trading hours.

Currently; price action is in the progress to complete the corrective wave iv pullback as the pattern looks incomplete. So, a good idea is to look for a possible buy trading chance to join an uptrend. However; if the price of EUR/JPY currency pair breaks below 124.83 critical support level then I might like to stay out of the market and re-examine the fifteen minutes chart of EUR/JPY currency pair.


Forex trading involves significant risk of loss. The high degree of leverage can work against you as well as for you. The possibility exists that you could sustain a loss of some or all of your ...

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