Japanese Candlesticks Analysis 03.10.2022 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, after forming an Inverted Hammer reversal pattern close to the support area, EURUSD may reverse in the form of a new ascending impulse. In this case, the upside correctional target may be at 0.9900. However, an alternative scenario implies that the price may fall to break 0.9700 and continue the downtrend without any pullbacks.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed a Shooting Star reversal pattern not far from the resistance level. At the moment, the asset may reverse and form a new descending impulse. In this case, the downside correctional target may be at 143.70. At the same time, the opposite scenario implies that the price may grow to reach 146.50 and continue the uptrend without any pullbacks down to the support area.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming a Harami reversal pattern, EURGBP is reversing in the form of a new descending impulse. In this case, the downside correctional target may be the support level at 0.8645. Later, the market may test this level, rebound from it, and then resume moving upwards. Still, there might be an alternative scenario, in which the asset may continue growing to reach 0.8885 without testing the support level.