On 4h chart of EURJPY, we can count five sub-waves between two contracting lines that makes wave B look like a triangle. If that's the case then bearish continuation is near, for an impulsive drop down into wave C. A break and daily close beneath 113.92 will put bearish price action in play.
EURJPY, 4H
A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide into 3-3-3-3-3.
Basic Triangle Pattern:
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