Japanese Candlesticks Analysis 29.04.2020 (EURUSD, USDJPY, EURGBP)

29.04.2020

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, after testing the support level, EURUSD has formed a Hammer reversal pattern not far from the channel’s downside border. We may assume that later the price may continue the ascending tendency. In this case, the upside target may be at 1.0937. At the same time, there is another scenario, which implies that the price may continue falling to reach 1.0756.

EURUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after breaking the support level and leaving the horizontal channel, USDJPY has formed a Harami pattern. However, the reversal signal seems to be false and the pair is still moving downwards. The current market situation implies that the price may continue falling in the nearest future. in this case, the downside may be 105.77, while the upside one is at 107.90.

USDJPY
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, after returning to the support level, EURGBP continues forming reversal patterns, such as Hammer and Inverted Hammer. We may assume that later the pair may rebound from the support level once again. In this case, the upside target may be at 0.8850. Still, one shouldn’t exclude an opposite scenario, which implies that the instrument may break the support level and resume falling to reach the downside target at 0.8650.

EURGBP
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

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.

The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.