Japanese Candlesticks Analysis 23.01.2020 (EURUSD, USDJPY)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, the pair is no longer trading inside the ascending channel. Right now, EURUSD is still moving close to the support level and forming reversal candlestick patterns, such as Inverted Hammer, Doji, and Hammer. We may assume that later the price may reverse and get back to 1.1155 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, USDJPY has fallen from the ascending channel’s upside border while reversing after forming Shooting Star pattern. At the moment, the price is moving in the middle of the channel. The current situation implies that the pair may complete a slight correction and then resume falling to reach 108.00. At the same time, the pair may choose another scenario, according to which it is expected to from the middle of the channel and test 110.60.
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.
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