EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the convergence made EURUSD start a new ascending correction, which has already reached the retracement of 50.0%. The next possible targets are the retracements of 61.8% and 76.0% at 1.1463 and 1.1503 respectively. The support level is at 1.1355. If the price breaks the high at 1.1570, the instrument may start a new long-term uptrend to correct the previous yearlong downtrend. The possible target of such correction may be the retracement of 38.2% at 1.1726.
In the H1 chart, EURUSD is trading upwards to reach the retracement of 61.8% at 1.1463. At the same time, there is a divergence on MACD, which may indicate a possible pullback after the price reaches its target. The local support is at 1.1396.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the divergence made USDJPY start a new decline. The possible targets of this descending correction may be the retracements of 23.6% and 38.2% at 108.70 and 107.91 respectively. However, if the price forms a new rising impulse, which breaks the high at 110.00, the mid-term correction may continue towards the retracements of 61.8% and 76.0% at 110.50 and 111.88 respectively.
In the H1 chart, the instrument is trading towards the retracement of 23.6% at 108.70.
