USDJPY Building Massive Contracting Triangle Chart Pattern 2015.03.17

4 hour EURUSD: the EURUSD remains firmly positioned in a downtrend as long as price stays below the 50% Fibonacci retracement level of wave 4 (green).

60 min EURUSD: wave 4 (green) has most likely been expanded with a WXY (blue) correction.

GBPUSD

4 hour GBPUSD: the GBPUSD is now most likely in a wave 4 (green) Fibonacci which means that a retracement up to the Fibonacci levels would be possible.

60 min GBPUSD: the Cable is now building a bear flag correction within wave 4 (green).

USDJPY

4 hour USDJPY: a contracting wedge is being built on the 4 hour chart which is represented by a support trend line (green) and a resistance trend line (red).

60 min USDJPY: a break above the next resistance level (orange) could offer the potential for price to move up towards the Fibonacci targets but a break below seems limited due to support levels close by (dark green & dotted red lines).