Japanese Candlesticks Analysis 03.06.2022 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset has formed a Hanging Man reversal pattern close to the resistance area. At the moment, EURUSD may reverse in the form of a new descending impulse. In this case, the downside correctional target may be at 1.0700. However, an alternative scenario implies that the price may grow to reach 1.0840 without correcting towards the support level.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed a Hanging Man pattern not far from the resistance area. At the moment, the asset is reversing in the form of a new descending impulse. In this case, the downside target may be at 129.15. At the same time, an opposite scenario implies that the price may grow to reach 130.75 and continue the uptrend without any pullbacks.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming a Harami pattern near the resistance area, EURGBP is reversing in the form of a new descending impulse. In this case, the downside correctional target may be the support level at 0.8520. Later, the market may test this level, rebound from it, and resume the ascending tendency. Still, there might be an alternative scenario, according to which the asset may grow to reach 0.8600 without any corrections.