Japanese Candlesticks Analysis 10.01.2020 (EURUSD, USDJPY)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, the ascending channel continues. By now, EURUSD has formed several reversal candlestick patterns, including Hammer, close to the channel’s downside border. We may assume that later the price may reverse and get back to 1.1180 to continue the ascending tendency. However, one shouldn’t exclude a possibility that the price may resume falling towards 1.1070.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the pair continues growing inside the rising channel again. The current situation implies that the price may reach 109.67, test the resistance level, and then rebound from it to continue moving inside the channel. The downside target may be at 108.76. At the same time, the pair may choose another scenario and start a new growth to break the channel’s upside border.
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