Japanese Candlesticks Analysis 19.05.2021 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the uptrend continues. After testing the support area, the pair has formed several reversal patterns, including Hammer and Inverted Hammer. At the moment, EURUSD may reverse and start a new growth towards the resistance level. In this case, the upside target may be at 1.2285. However, an alternative scenario implies that the price may correct to reach 1.2165 and then resume growing.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed several reversal patterns, such as Shooting Star, not far from the resistance area during the pullback. At the moment, the asset is reversing and correcting. In this case, the downside target is the channel’s downside border at 108.70. At the same time, an opposite scenario implies that the price may grow towards 109.65 without testing the support level.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming several reversal patterns, such as Doji and Inverted Hammer, while trading close to the channel’s downside border, EURGBP may reverse and grow to reach the resistance area. In this case, the upside target may be at 0.8645. Later, the market may rebound from the level and resume falling. Still, there might be an alternative scenario, according to which the asset may fall to reach 0.8565 without testing the resistance area.