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EUR/JPY is going down in 4 Hours Chart

Friday, February 24, 2017 14:35
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2-25-2017 2-10-01 AMTrend is bearish in EUR/JPY currency pair in 4 hours time frame. Short term resistance is present at 121.32 price level. Based on Elliott wave analysis, we got a bearish Zig Zag pattern.

I expect, price of EUR/JPY currency pair to continue the decline towards 117.50 price level in coming trading days. A good idea is to look for a sell trade and join the down trend to ride and trade bearish Wave c leg.

However; if price of EUR/JPY currency pair goes above 121.32 critical resistance level then down trend is going to end. In such a market scenario, it would be best not to trade the market and re-analyze the EUR/JPY 4 hours chart.


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