EUR/USD and USD/JPY Fibo Analysis: 18.09.2018

EUR/USD

On H4, the EUR/USD is rising again inside a correctional uptrend. Once the current high at 1.1733 gets broken out, the price may further rise to 50% Fibo, or 1.1857. The low at $1.1525 acts as a support.

On H1, the EUR/USD is attempting to reach its high at 1.1721. Once this level gets broken out, the price is likely to go up to reach the post-correctional extension of 138.2-161.8% Fibo, or $1.1761 to $1.1786. If the correctional phase is here to stay, though, the price may plunge to 61.8% (1.1601) of the ascending trend.

USD/JPY

On H4, the USD/JPY is uptrending after the previous downtrend. The correction reached 61.8% Fibo and is heading towards 76.0%, or 112.36. The resistance and support are at 113.17 and 109.91, respectively. In case a downtrend starts, it may reach 50% (108.90).

On H1, the USD/JPY is forming a correctional downtrend after the divergence, which already reached 23.6% Fibo and may continue to reach 38.2% (111.48), 50.0% (111.27), and 61.8% (111.07). In case the price hits the high at 112.17, this would mean the uptrend may continue.