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Fibonacci Retracements Analysis EUR/USD, USD/JPY

ByDmitriy Gurkovskiy
Published 13/10/2020, 11:02
EUR/USD
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USD/JPY
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EUR/USD
As we can see in the H4 chart, the ascending correctional wave has tested the long-term 61.8% fibo; right now, the divergence is competing this wave and the asset may start a new mid-term decline soon. The closest downside target will be 38.2% fibo at 1.1520. However, one should not that the instrument may yet continue growing towards the high at 1.2011 and the long-term 76.0% fibo at 1.2094.
EURUSD_H4
The H1 chart shows a wave to the upside after a convergence, which has reached 50.0% fibo. At the same time, a divergence is about to finish the uptrend but another rising impulse may yet reach 61.8% fibo at 1.1859. If the divergence is a reversal signal, then the asset may confirm a new decline by breaking the support area at 1.1765. In this case, the downside target will be the low at 1.1612.
EURUSD_H1
USD/JPY
As we can see in the H4 chart, after USD/JPY is falling after a divergence and testing the area not far from 38.2% fibo at 106.24. If the price doesn’t fall towards the low at 104.00, the market may continue trading upwards to reach 38.2%, 50.0%, and 61.8% fibo at 106.24, 106.92, and 107.61 respectively. The current decline should be considered as a correction.
USDJPY_H4
НThe H1 chart shows a more detailed structure of the wave to the downside after the divergence. The descending wave has reached 38.2% fibo and right now is testing it. The next downside targets will be at 50.0% and 61.8% fibo at 105.60 and 104.81 respectively. If the asset breaks the high at 106.11, the pair will finish the correction and resume its mid-term growth.
USDJPY_H1

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