EUR/USD
As we can see in the EUR/USD H4 chart, the previous descending correctional wave has failed to reach 38.2% fibo and, as a result, a new rising wave may update both the short-term and the key (1.2011) highs. After breaking them, the pair may continue growing towards the long-term 76.0% fibo at 1.2094. However, an alternative scenario implies that EURUSD may rebound from the mid-term 61.8% fibo and resume falling to reach 38.2% and 50.0% fibo at 1.1520 and 1.1368 respectively.
The H1 chart shows an impulse to the upside after a convergence. If we consider this impulse to be a part of the ascending correction, then it may later reach 61.8% and 76.0% fibo at 1.1859 and 1.1915 respectively. The key support is low at 1.1612.
USD/JPY
As we can see in the H4 chart, USD/JPY is trying to start another ascending wave. At the same time, one shouldn’t exclude a possibility that the price may continue the local correction after a divergence. After the correction is over, the next rising impulse may be heading towards 38.2%, 50.0%, and 61.8% fibo at 106.23, 106.92, and 107.61 respectively. The key support is the low at 104.00.
The H1 chart shows a more detailed structure of the wave to the upside after a convergence. The key upside target will be the high at 106.11. However, if one assumes that the instrument may form one more descending wave, its targets will be at 61.8% and 76.0% fibo at 104.81 and 104.51 respectively.