Japanese Candlesticks Analysis 05.04.2023 (EURUSD, USDJPY, EURGBP)
EURUSD, “Euro vs US Dollar”
On H4, near the resistance level, the quotes have formed a Shooting Star reversal pattern. Currently, the instrument can go by the reversal signal in a descending wave. The target for the correction might be 1.0890. However, the price may rise to 1.1000 and continue the uptrend without correcting to the support.
USDJPY, “US Dollar vs Japanese Yen”
On H4, the currency pair has formed a Hammer reversal pattern. Currently, the instrument can go by the reversal signal in an ascending wave. The target for the pullback might be 132.40. However, the price may drop to 130.40 and continue the downtrend without correcting to the resistance.
EURGBP, “Euro vs Great Britain Pound”
On H4, the pair has formed a Harami reversal pattern. Currently, the instrument can go by the reversal signal in a descending wave. The target for the decline might be the support level of 0.8730. After testing and breaking the level, the price could continue the downtrend. However, a pullback to 0.8800 before falling is not excluded.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.