Japanese Candlesticks Analysis 09.07.2021 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the downtrend continues. After testing the channel’s upside border, the pair has formed several reversal patterns, including Harami. At the moment, EURUSD may reverse and resume trading downwards. In this case, the downside target may be at 1.1720. However, an alternative scenario implies that the price may correct to reach 1.1880 before resuming the downtrend.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed several reversal patterns, such as Hammer, not far from the support area. At the moment, USDJPY may reverse and start a new pullback to the upside. In this case, the correctional target may be the resistance level at 110.40. At the same time, an opposite scenario implies that the price may continue falling towards 109.40 without testing the resistance level.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming several reversal patterns, such as Harami, near the resistance area, EURGBP may reverse and resume trading downwards. In this case, the downside target may be at 0.8555. Later, the market may break this level and continue the descending tendency. Still, there might be an alternative scenario, according to which the asset may correct towards 0.8610 before resuming its decline.