Fibonacci Retracements Analysis 12.01.2022 (GBPUSD, EURJPY)

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has reached 61.8% fibo after convergence on MACD and may boost its growth towards 76.0% fibo at 1.3672. After that, the pair may start a new correction to the downside before attacking the high at 1.3824. The key support is at 1.3160.

The H1 chart shows a more detailed structure of divergence on MACD and potential correctional targets – 23.6%, 38.2%, 50.0%, and 61.8% fibo at 1.3554, 1.3482, 1.3422, and 1.3364 respectively.

EURJPY, “Euro vs. Japanese Yen”

As we can see in the H4 chart, having completed a slight correction, EURJPY is moving upwards; it may soon update the local high and continue growing to reach 76.0% fibo at 132.02. After testing the high, the asset may start a new correction to the downside before attacking the high at 133.48. The support remains at the low at 127.38.

The H1 chart shows that the pair may is growing towards the local high at 131.60. If the asset fails to break it, the price may start a new short-term decline to reach 38.2%, 50.0%, and 61.8% fibo at 129.99, 129.49, and 128.99 respectively.