Fibonacci Retracements Analysis 30.03.2021 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

As we can see in the daily chart, the asset continues the “bearish” phase after a divergence on MACD. After breaking 23.6% fibo, the pair is getting close to 38.2% fibo at 1.1695 and may later continue falling towards 50.0% and 61.8% fibo at 1.1493 and 1.1292 respectively. The key resistance remains at the high at 1.2350.

The H1 chart shows a more detailed structure of the current short-term sideways channel after a convergence on MACD. One should also note that the descending wave has entered the post-correctional extension area between 138.2% and 161.8% fibo at 1.1775 and 1.1739 respectively and may yet continue falling. The key resistance here is at 1.1990.

USDJPY, “US Dollar vs. Japanese Yen”

The H4 chart shows that after finishing the short-term correction and starting a new rising impulse, which has already broken 76.0% fibo at 109.53. The next long-term upside target is the fractal high at 111.71. Despite the stable trend, there might be a divergence on MACD to indicate a possible pullback to the downside with the target at 61.8% fibo (108.23).

As we can see in the H1 chart, after breaking the high at 109.36, USDJPY is trying to break the post-correctional extension area between 138.2% and 161.8% fibo at 109.73 and 109.95 respectively. At the same time, there is a divergence on MACD, which may indicate a possible correction. The local support is at 108.40.