Japanese Candlesticks Analysis 27.05.2021 (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 Doji and 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 1.2295. However, an alternative scenario implies that the price may correct to reach 1.2155 first 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 Hammer and Harami, not far from the support area. At the moment, the asset is reversing. In this case, the upside target is the resistance level at 109.70. At the same time, an opposite scenario implies that the price may start a new pullback towards 108.85 before resuming its ascending tendency.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming several reversal patterns, such as Shooting Star, close to the resistance area, EURGBP may reverse and fall to reach the support level. In this case, the downside target may be at 0.8610. Later, the market may break this level and continue falling. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.8565 first and then resume trading downwards.