Japanese Candlesticks Analysis 03.12.2019 (EURUSD, USDJPY)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, after completing a quick ascending structure and breaking the descending channel, EURUSD has formed Shooting Star reversal pattern. At the moment, we may assume that the price may reverse and get back into the channel to resume the descending tendency. In this case, the downside target will be at 1.0990. However, one shouldn’t exclude a possibility that the price may continue growing towards 1.1102.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the ascending tendency continues. By now, USDJPY has formed another reversal pattern, Engulfing. Later, the pair may reverse and resume growing towards 109.70 to continue forming the ascending tendency. At the same time, the pair may choose another scenario and start a new decline to reach 108.75 and test the rising channel’s downside border.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.