Japanese Candlesticks Analysis 05.02.2020 (EURUSD, USDJPY)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the descending tendency continues. By now, EURUSD has completed several reversal candlestick patterns, such as Harami, close to the channel’s upside border. At the moment, the pair is reversing. We may assume that later the price may complete the correction and resume its decline to reach the support level at 1.0991. However, one shouldn’t exclude a possibility that the price may grow to return to 1.1085.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY is moving inside the rising channel. Right now, the pair is reversing. The current situation implies that the pair may finish the correction and resume growing to reach 110.00. At the same time, the pair may choose another scenario, according to which it is expected to continue falling and return to 108.40.