Japanese Candlesticks Analysis 20.10.2023 (EURUSD, USDJPY, EURGBP)
EURUSD, ‘Euro vs US Dollar”
EURUSD has formed a Harami reversal pattern near the resistance level on H4. Currently, the instrument is going by the reversal signal in a descending wave. The decline target might be the support at 1.0500. However, the price could correct to 1.0610 and continue the downtrend after the correction to the resistance level.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY has formed an Inverted Hammer reversal pattern at a pullback on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target might be 150.50. However, the price could correct to 149.40 and continue the uptrend upon testing the support.
EURGBP, “Euro vs Great Britain Pound”
EURGBP has formed a Hammer reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target might be 0.8755. Upon testing and breaking it, the price could extend the uptrend. However, the quotes might pull back to 0.8710 before rising.
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.