Japanese Candlesticks Analysis 02.04.2021 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the asset is still correcting within the uptrend. While testing the support area, the pair has formed several reversal patterns, including Engulfing. At the moment, EURUSD may reverse and form a pullback towards the resistance area. In this case, the correctional target may be at 1.1825. However, an alternative scenario implies that the price may continue falling to reach 1.1665 without testing the resistance area.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY has formed several reversal patterns, such as Engulfing, while testing the resistance level. Judging by the previous movements, one may assume that the asset may reverse and start a new pullback. In this case, the correctional target is the support area at 110.25. At the same time, an opposite scenario implies that the price may grow towards 111.35, thus continuing the ascending tendency.

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, the asset continues trading close to the channel’s downside border. After forming several reversal patterns there, such as Hammer, EURGBP may rebound from the support level and form a slight pullback. In this case, the correctional target may be the resistance area at 0.8555. Still, there might be an alternative scenario, according to which the asset may fall to return to 0.8480 without reversing and correcting.