E USD/JPY Elliott Wave Forecast - Friday, May 18

USD/JPY Elliott Wave Forecast in 15 Minutes chart

A 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 traders should consider taking a possible buy trading chance.

A strong key support level is present at 110.40 price level. In my opinion, price action in USD/JPY currency pair has completed bullish impulse wave iii and now expect a sideways looking, corrective Bullish Expanded Flat Elliott wave pattern. So, based on Elliott wave forecast, bearish wave c leg is going to move price action down, towards 110.80 price area in coming trading hours to complete wave iv corrective leg.

Next, the price action is most likely going to print a short-term bottom as well in coming trading hours after completing bearish wave c 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 the market trend. Currently, bearish wave c leg which is part of the Bullish Expanded Flat corrective Elliott wave pattern looks half finished. A good idea is to look for a possible buy trading chance to join the up-trend around 110.80 price area.

However; if the price action in USD/JPY Spot Forex pair breaks below 110.40 important support level then Bullish Elliott wave forecast 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. 

(Click on image to enlarge)

USD/JPY Elliott Wave Forecast by ReadyForex.com

Disclaimer: 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 ...

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