Fibonacci Retracements Analysis 09.05.2018 (GBPUSD, EURJPY)
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD continues its descending movement, which has already reached the retracement of 61.8%. The next downside target may be the retracement of 76.0% at 1.3362. The resistance level is at 1.3866.
In the H1 chart, the pair is moving downwards, but at the same time the convergence is being formed, which may indicate a possible correction to the upside in the future. The targets of this pullback may be the retracements of 23.6%, 38.2%, and 50.0% at 1.3603, 1.3750, and 1.3866 respectively.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after being corrected to the upside, EURJPY has started a new impulse inside the mid-term downtrend towards the retracement of 38.2% at 128.84. The next downside target may be the retracement of 50.0% at 126.16. The resistance level is at 132.15.
In the H1 chart, the price is trading to the downside, but at the same time the convergence is being formed, which may indicate a possible trend reverse. The targets of this pullback may be the retracements of 23.6%, 38.2%, and 50.0% at 130.01, 130.50, and 130.88 respectively.
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