Japanese Candlesticks Analysis 18.03.2020 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the pair continues the correction within the rising tendency. By now, after forming several reversal candlestick patterns, such as Hammer, EURUSD is testing the channel’s downside border. Right now, the pair is reversing. We may assume that later the price may grow to reach 1.1240. However, one shouldn’t exclude a possibility that the price may continue the current pullback towards 1.0955.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY is recovering. fall. At the moment, the pair is testing the support level again, where it has formed an Engulfing reversal pattern. Possibly, the price may reverse and reach 105.80. The current situation implies that after finishing the correction the price may grow towards the target at 108.47. At the same time, the pair may choose another scenario, according to which the instrument is expected to break 105.80 and then continue falling.

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, after updating the highs, EURGBP is testing another resistance level, where it has formed several reversal patterns, such as Hanging Man. Right now, the pair may start reversing. At the moment, we may assume that later the market may form a new pullback towards 0.8998 and then resume trading upwards. However, one shouldn’t exclude an opposite scenario, which implies that the instrument may continue the rising tendency with the target at 0.9220 without reversing and correcting.