Daily Wave Analysis for 14 January 2015 2015.01.14

4 hour EURUSD:

The EURUSD is in chart pattern called a descending triangle with a flat bottom line (green) and downward angled resistance line (orange).

60 min EURUSD:

If price is able to break below the daily support level (green), then wave count will be adjusted and wave 4 (green) will be considered completed.

GBPUSD

4 hour GBPUSD:

The completion of a wave 4 (green) consolidation will most likely take price at the 23.6% or the 38.2% Fibonacci retracement level.

60 min GBPUSD:

The GBPUSD is making a consolidation within the trend lines (purple) for a wave 4 (green).

USDJPY

4 hour USDJPY:

The main turning spots for the USDJPY wave 4 (magenta) are the 23.6% and 38.2% Fibonacci retracement levels.

60 min USDJPY:

The USDJPY correction has reached the first target of the wave Y (purple) and wave 4 (magenta) confluence point at the 61.8 and 23.6 Fibonacci levels.