Japanese Candlesticks Analysis 04.11.2019 (EURUSD, USDJPY)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the ascending channel continues. By now, EURUSD has completed Shooting Star reversal pattern in the middle of the channel. Later, after reversing, the price may return towards the channel’s downside border and then resume growing to reach 1.1221 to continue the ascending movement. However, one shouldn’t exclude a possibility that the price may continue falling towards 1.1100.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after completing the correction, USDJPY continues moving upwards and has already formed Hammer reversal pattern near the support level. Later, the pair may reverse and resume growing towards 109.35 to continue forming the ascending tendency. At the same time, the pair may choose another scenario and start a new decline to reach 107.90.