Bear and bull flags are common currency in FX market 2016.03.22

EUR/USD

4 hour

The EUR/USD seems to be building a bull flag chart pattern within the impulsive wave C (green). A breakout above the flag could see price develop a bullish continuation until the next resistance zone such as the Fibonacci targets and trend lines (orange/red).

1 hour

The EUR/USD seems to be in the 4^th wave (orange) of wave C (green). A break below the support trend line (green) and the 50%/61.8% Fibonacci increases the likelihood that price is not in a wave 4.

GBP/USD

4 hour

The GBP/USD is building a bearish retracement after a strong bullish impulsive which was marked as wave A (pink). For the moment an ABC rally seems the most likely continuation but a failure to break above 1.45 could see price develop a bearish reversal back down to the support trend line (green).

1 hour

The GBP/USD could already have completed the 5^th wave (pink) at the most recent top if price fails to break above resistance (red). A bullish break, however, could indicate that wave A (pink) is still in motion.

USD/JPY

4 hour

The USD/JPY remains at the bottom of the larger sideways consolidation zone (orange/green). A break below the support trend line (green) would provide more confirmation of a completed a wave E (blue) of wave X (brown) and a continuation of the wave Y (brown).

1 hour

The USD/JPY is building a bear flag chart pattern within the potential wave B (blue). The Fibonacci retracement levels of wave B (blue) could be resistance levels for a bearish turn.