USD/JPY – Down trend in 4 hours chart

Trend is bearish in 4 hours time frame. Vital resistance is present at 114.86 price level. Last week, price action in USD/JPY currency pair has showed signs of buying pressure. Current Elliott wave pattern looks like a Bearish Contracting Triangle pattern. Wave d and Wave e looks in-complete. As the trend is still bearish a good idea is to look for a sell trading chance to join the down trend.

However; if price breaks above 114.86 vital resistance level then down trend is going to end. In such case, I will stay out of the market and re-analyze the price action in 4 hours chart of USD/JPY currency pair.