Trend is bullish in EUR/JPY currency pair, four hour time frame. As I have suggested past week during my daily Live trading room session, market is falling down to print a Wave X, Elliott wave pattern and traders should look for a sell trade. So, all those Forex traders who have followed the analysis have made the right decision as the price has dropped. In my judgement, price is now going to resume the up trend to complete bullish Double Zig Zag pattern. Strong key support level is present at 122.05 price level.
Be sure to check out daily Forex market updates via Live Trading Room. Price is most likely going to rise up towards 130.85 price level in next coming trading days.
Now, current bearish pull back, Wave X leg in price action is just a buy trade setup to join an up trend to ride bullish Wave Y leg. However; if price of EUR/JPY currency pair breaks below 122.05 critical support area then I might like to stay out of the market and re-examine the 4 hour chart of EUR/JPY currency pair.
