Fibonacci Retracements Analysis 21.04.2021 (GBPUSD, EURJPY)

GBPUSD, “Great Britain Pound vs US Dollar”

In the H4 chart, after re-testing 38.2% fibo at 1.3643, GBPUSD has rebounded from this level once again. This rebound may be a signal in favor of a new rising wave to reach the high and the long-term fractal high at 1.4241 and 1.4376 respectively. Another scenario implies that the price may reach its previous local high and start forming a sideways channel. The descending correction will be heading towards 38.2% and 50.0% fibo at 1.3643 and 1.3457 respectively.

На 1-часовом графике пары GBPUSD можно рассмотреть структуру подъёма после теста области минимума и конвергенции. Преодолев уровень 50,0% по Фибоначчи, котировки ушли в откат, целью которого может являться поддержка на уровне 38,2% (1,3888). Следующими целями подъёма стоит рассматривать уровни 61,8% (1,4022) и 76,0% (1,4103). Прорыв локального минимума на 1,3669 будет сигналом к продолжению среднесрочного нисходящего тренда.

EURJPY, “Euro vs. Japanese Yen”

In the H4 chart, after updating the previous high and attempting to reach 76.0% fibo at 131.95, EURJPY is starting a new correcting to the downside due to a divergence on MACD. The correction may be heading towards 23.6%, 38.2%, 50.0%, and 61.8% fibo at 128.77, 127.41, 126.30 and 125.20 respectively. The resistance is the high at 130.98.

The H1 chart shows a more detailed structure of the current bearish phase. The correctional downtrend will be heading not only towards 23.6% and 38.2% fibo at 128.77 and 127.41 respectively, but also the fractal support at 128.29. A breakout of the high may lead to a further uptrend to reach the post-correctional extension area between 138.2% and 161.8% fibo at 131.57 and 132.13 respectively.