EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the short-term pullback is about to finish and EURUSD is trying to start a new descending impulse. This decline may be heading towards the retracement of 76.0% at 1.1217. The key downside target is the low at 1.1183.
In the H1 chart, the short-term correctional uptrend has reached the retracement of 38.2%. The key target of the current decline is the local low at 1.1226.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the previous rising impulse has tested the high at 112.13. Right now, USDJPY is being corrected. The support level is the retracement of 61.8% at 111.20. After breaking the high and fixing above it, the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 113.06 and 113.64 respectively.
In the H1 chart, the short-term correction has reached the retracement of 38.2%. The next targets may be the retracements of 50.0% and 61.8% at 111.50 and 111.35 respectively.
