Japanese Candlesticks Analysis 12.04.2021 (EURUSD, USDJPY, EURGBP)
EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the asset is still correcting within the uptrend. While testing the resistance area, the pair has formed several reversal patterns, including Harami. At the moment, EURUSD may reverse and form a pullback towards the support area. In this case, the correctional target may be at 1.1835. However, an alternative scenario implies that the price may continue growing to reach 1.1970 without testing the support area.
USDJPY, “US Dollar vs Japanese Yen”
As we can see in the H4 chart, USDJPY has formed several reversal patterns, such as Harami, while testing the support level. Judging by the previous movements, one may assume that the asset may reverse and start a new growth. In this case, the upside target is the resistance area at 110.30. At the same time, an opposite scenario implies that the price may correct towards 109.10 before resuming its ascending tendency.
EURGBP, “Euro vs Great Britain Pound”
As we can see in the H4 chart, the asset continues trading close to the channel’s downside border. After forming several reversal patterns there, such as Shooting Star, EURGBP may reverse and fall to reach the support level. In this case, the correctional target may be at 0.8620. Still, there might be an alternative scenario, according to which the asset may grow to reach 0.8736 without reversing and correcting.
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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