Japanese Candlesticks Analysis 06.12.2019 (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 Hanging Man reversal pattern; right now, it is trading close to the horizontal resistance level. We may assume that later the price may reverse and get back to 1.1065 to resume the descending tendency. However, one shouldn’t exclude a possibility that the price may continue growing towards 1.1133.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the ascending tendency continues. By now, USDJPY has formed Hammer reversal pattern. Later, after finishing a slight correction, the pair may reverse and resume growing towards 109.60 to continue forming the ascending tendency. At the same time, the pair may choose another scenario and start a new decline to reach 108.50.
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