Fibonacci Retracements Analysis 16.02.2022 (GBPUSD, EURJPY)

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD is consolidating around 38.2% fibo. This consolidation range may be followed by a new rising impulse. The mid-term upside targets may be 61.8% and 76.0% fibo at 1.3833 and 1.3987 respectively. The key support remains at the low at 1.3160.

The H1 chart shows that after falling and reaching 61.8% fibo, the pair started a new wave to the upside and has already reached 23.6% fibo. Possibly, in the future, the price may continue growing and reach the local high at 1.3749 or even break it. Another scenario implies a new wave to the downside to return to 76.0% fibo at 1.3301 but it’s highly unlikely.

EURJPY, “Euro vs. Japanese Yen”

As we can see in the H4 chart, divergence on MACD made EURJPY complete its rising wave at 76.0% fibo and start a new correctional decline, which may be over quite soon. In the nearest future, the asset may resume trading upwards to reach the high at 134.12. The support is the low at 127.38.

In the H1 chart, divergence on MACD made the asset correct to the downside and reach 61.8% fibo. By now, the price has returned to 38.2% fibo; at the moment, it is heading towards the local high at 133.15. Later, the instrument may form one more descending impulse to reach 76.0% at 129.43.