Fibonacci Retracements Analysis 23.01.2018 (EUR/USD, USD/JPY)

EUR USD, “Euro vs US Dollar”

As we can see at the H4 chart, the EUR/USD pair continues moving upwards, but right now it is being corrected a bit. The price is trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2295 and 1.2421 respectively. The main support level is at 1.2092.

At the H1 chart, the pair is being corrected downwards and has already reached the retracement of 38.2%. The next possible target is the retracement of 50.0% at 1.2126. After that, the instrument may continue falling towards the support level at 1.2092.

USD JPY, “US Dollar vs. Japanese Yen”

At the H4 chart, the downtrend continues with a slight correction inside, which has already reached the retracement of 38.2%. In case the correction continues, its next target will be the retracement of 50.0% at 111.96. However, the most probable scenario implies that the instrument may break the low at 110.19 and then continue falling towards 109.10.

At the H1 chart, the situation is similar and confirms the scenario described above.

RoboForex Analytical Department