Japanese Candlesticks Analysis 02.06.2023 (EURUSD, USDJPY, EURGBP)
EURUSD, “Euro vs US Dollar”
On H4, near the support level, the currency pair has formed an Engulfing reversal pattern. Currently, the instrument is going by the reversal signal in an ascending wave. The correction target might be the resistance level of 1.0800. However, the price could drop to 1.0640 and continue the downtrend without testing the resistance level.
USDJPY, “US Dollar vs Japanese Yen”
On H4, the currency pair has formed a Hammer reversal pattern. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target might be 140.30. However, the price could pull back to 138.50 and continue the uptrend after correcting to the support.
EURGBP, “Euro vs Great Britain Pound”
On H4, the currency pair has formed a Hammer reversal pattern. Currently, the instrument might go by the reversal signal in an ascending wave. The pullback target could be 0.8625. Upon testing it and rebounding from it, the price might continue the downtrend. However, the quotes could drop to 0.8555 without any correction.
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.