Fibonacci Retracements Analysis 23.06.2020 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the divergence made EURUSD start a new decline, which has already tested 61.8% fibo. Under these circumstances, the pair has good chances to continue the uptrend. In this case, the next rising impulse will be heading towards the fractal high and 50.0% fibo at 1.1495 and 1.1595 respectively. However, if the asset wants to resume falling, it must break the above-mentioned support area.

The H1 chart shows a descending correction; it reached 38.2% fibo and was followed by a local convergence, which made it reverse to the upside. Assuming that the current growth is nothing but a local pullback, the next downside targets may be 50.0% and 61.8% fibo at 1.1094 and 1.1017 respectively.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after completing a quick descending wave, USDJPY continues the correction. Earlier, the pair grew to reach 23.6%, then fell to rebound from the low, and right now is trying to rise again, this time towards 38.2% and 50.0% fibo at 107.82 and 108.21 respectively. After finishing the correction and breaking the low at 106.57, the instrument may continue trading downwards to reach the long-term 61.8% fibo at 105.20.

The H1 chart shows a more detailed structure of the current ascending impulse within the sideways channel. The price is trying to return to 23.6% fibo and may continue growling towards 38.2% fibo at 107.82 after breaking it.