Japanese Candlesticks Analysis 23.04.2021 (EURUSD, USDJPY, EURGBP)
EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the asset is trading within the uptrend. While testing the support area, the pair has formed several reversal patterns, including Hammer. At the moment, EURUSD may reverse and grow towards the resistance area. In this case, the upside target may be at 1.2110. However, an alternative scenario implies that the price may continue to fall to reach 1.1985 before resuming its ascending tendency.
USDJPY, “US Dollar vs Japanese Yen”
As we can see in the H4 chart, USDJPY has formed several reversal patterns, such as Hammer, while testing another support level. Judging by the previous movements, the asset may reverse and start a new correction. In this case, the upside correctional target may be the resistance area at 108.50. At the same time, an opposite scenario implies that the price may fall towards 107.25 without reversing and correcting.
EURGBP, “Euro vs Great Britain Pound”
As we can see in the H4 chart, the asset continues trading close to the resistance level. After forming several reversal patterns there, such as Harami, EURGBP may reverse and fall to reach the support area. In this case, the downside target may be at 0.8630. Still, there might be an alternative scenario, according to which the asset may grow to reach 0.8715 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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