As we can see in the H4 chart, there was a divergence on MACD, which made GBPUSD complete the rising wave at 76.0% fibo at 1.3040 and start a new pullback. The downside targets are 23.6%, 38.2%, 50.0%, and 61.8% fibo at 1.2819, 1.2700, 1.2600, and 1.2506 respectively.
The H1 chart shows more detailed structure of the current descending correction after the divergence.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, there was a divergence on MACD, which made EURJPY finish the ascending wave at 76.0% fibo at 121.55 and start a new decline, which has already reached 23.6% fibo. The next downside targets are 38.2%, 50.0%, and 61.8% fibo at 119.79, 119.27, and 118.75 respectively. the resistance is the high at 121.47.
In the H1 chart, the pair is about to reach 23.6% fibo.
It would be better to analyze the current EURUSD situation in the daily chart. As we can see, there was a convergence on MACD, which made the pair start a new rising impulse. This impulse may be a part of the long-term tendency reverse. The closest target is 23.6% fibo at 1.1275, while the next ones may be 38.2% and 50.0% fibo at 1.1520 and 1.1716 respectively. The support is the low at 1.0879.
The H4 chart shows the more detailed structure of the current rising tendency that started after the convergence. By now, the correctional uptrend has reached 50.0% fibo and may be followed by a new short-term pullback soon. After completing the pullback, the instrument may continue growing towards 61.8% and 76.0% fibo at 1.1208 and 1.1284 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after breaking the highs, USDJPY is trying to fix above them to continue forming the rising tendency. The upside targets are inside the post-correctional extension area between 138.2% and 161.8% fibo at 109.23 and 109.70 respectively; mid-term 61.8% fibo at 109.37 is also there. The key support is at 106.48.
In the H1 chart, the local divergence made the pair start a new correction, which has already reached 23.6% fibo. The next downside targets may be 38.2% and 50.0% fibo at 107.99 and 107.71 respectively. The resistance is the high at 108.93.
As we can see in the H4 chart, GBPUSD is rising within the mid-term correction. After the convergence, the pair has broken the high, as well as 50.0% fibo. Right now, the price is heading to reach its next upside target, 61.8% and 76.0% fibo at 1.2837 and 1.3040 respectively. The support is 38.2% fibo at 1.2500.
In the H1 chart, there is a divergence on MACD, which indicates a new pullback in the nearest future. Possibly, the pair may reach 61.8% fibo at 1.2837 and then start a new descending correction. The targets are 23.6%, 38.2%, 50.0%, and 61.8% fibo at 1.2686, 1.2592, 1.2516, and 1.2441 respectively.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, EURJPY is testing its previous high. The current rising impulse helped to continue the mid-term correction; the closest upside target is 61.8% fibo at 120.50. The next targets may be inside the post-correctional extension area between 138.2% and 161.8% fibo at 121.14 and 121.82 respectively. Inside the same area, there is mid-term 76.0% fibo at 121.55. The support is at 117.07.
In the H1 chart, there is a divergence on MACD. We may assume that after reaching 61.8% fibo at 120.50, the instrument may resume falling towards 23.6%, 38.2%, 50.0%, and 61.8% fibo at 119.69, 119.19, 118.79, and 118.38 respectively.