Trend is down in four hour charts of EUR/JPY currency pair. Vital resistance is present at 131.02 price level. Based on Elliott wave analysis, I expect price to remain sideways for the time being and then drop towards 126.55 price level in coming trading days. A good idea is to use current side ways looking Corrective wave 4 pattern as a chance to join the down trend. However; if price breaks above 131.02 resistance level then I will stay out of the market and re-analyze the price action in EUR/JPY currency pair.
