Fibonacci Retracements Analysis 24.03.2021 (GBPUSD, EURJPY)

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, after completing the consolidation range around 23.6% fibo, the asset has started another descending wave and may fall to reach 38.2%, 50.0%, and 61.8% fibo at 1.3643, 1.3457, and 1.3272 respectively. A breakout of the high at 1.4241 will result in a further uptrend towards the long-term fractal high at 1.4376.

In the H1 chart, after correcting to the upside and almost reaching 50.0% fibo, the asset started a new decline, which has already broken the low at 1.3778. As a result, the pair may continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.3691 and 1.3638 respectively.

EURJPY, “Euro vs. Japanese Yen”

The H4 chart shows that after trying to break the upside border of the post-correctional extension area between 138.2% and 161.8% fibo at 129.15 and 130.44 respectively and failing, the pair started a new decline due to a divergence on MACD, which may later transform a proper mid-term tendency to the downside. By now, the asset has already reached 23.6% fibo and may later continue falling towards 38.2%, 50.0%, and 61.8% fibo at 127.20, 126.14, and 125.08 respectively. The resistance is the high at 130.66.

In the H1 chart, the par is steadily moving downwards to reach 23.6% fibo or even and 38.2% fibo at 127.20.