EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is falling and approaching the low at 1.1664; if the price breaks it, the asset may continue moving downwards to reach the long-term 50.0% fibo at 1.1493. However, as long as the price is moving above the low, the pair may yet move upwards and extend the correction. The possible upside targets are 50.0% and 61.8% fibo at 1.1965 and 1.2035 respectively.
The H1 chart shows the start of a short-term correction after convergence on MACD; which has already reached 23.6% but may be followed by another decline to break the local support at 1.1683. if the price rebounds from the low, the correction may continue towards 38.2% and 50.0% fibo at 1.1769 and 1.1796 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after leaving the consolidation range to the upside, USDJPY has broken 76.0%; right now, it is approaching the high at 111.66, a breakout of which may lead to a further uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 112.78 and 113.47 respectively. The support is the local low at 108.72.
The H1 chart shows a steady rising impulse towards the high at 111.66. At the same time, there is divergence on MACD, which may indicate a possible pullback after the asset tests the high. In this case, the correctional targets may be 23.6%, 38.2%, and 50.0% fibo at 111.06, 110.68, and 110.39 respectively.