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EUR/JPY – Up trend in 4 hours chart

Monday, March 6, 2017 13:17
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3-7-2017 1-14-19 AMTrend is bullish in four hours chart. Critical support is present at 119.45 price level. The price of EUR/JPY currency pair moved up and we got a bullish Wave iii leg. Now, I expect a top in price action and market is going to fall down to print a short term bearish pull back – Wave iv. Wave iv which is most likely going to be a sideways corrective pattern – Flat or Triangle.

A good suggestion is to wait for the Wave iv to first appear and then look for a buy trade to join an up trend. However; if market closes a bearish candlestick below 119.45 important support area then bullish trend will end. In such case, I will stop myself from trading and re-analyze the price chart of EUR/JPY currency pair.


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