Japanese Candlesticks Analysis 01.07.2020 (EURUSD, USDJPY, EURGBP)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, the sideways tendency continues. By now, EURUSD has formed several reversal patterns not far from the support level. Considering the current bearish dynamics, the price may form a slight correction towards 1.1300 and then resume falling. The downside target remains at 1.1150.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after completing a Hammer reversal pattern not far from the support area, USDJPY is still reversing. The current situation implies that the market may finish the correction towards the support area and then resume the ascending tendency towards 108.10. Still, there is an opposite scenario, which says that the instrument may fall and return to 107.00 without testing the resistance area at 108.10.
EURGBP, “Euro vs. Great Britain Pound”
As we can see in the H4 chart, after testing the support level and forming a Harami reversal pattern, EURGBP is reversing. The upside target is 0.9150. In the future, the instrument may continue trading upwards to update the highs.
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