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

The trend is bullish in USD/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 USD/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 USD/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 USD/JPY currency pair.

usd/jpy

 

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