Japanese Candlesticks Analysis 10.06.2020 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, after rebounding from the resistance level and forming an Engulfing reversal pattern, EURUSD is reversing. The upside target remains at 1.1458. At the same time, there is another scenario, which implies that the price may fall and return to 1.1260.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after forming a Shooting Star pattern and reversing, USDJPY is expected to continue trading downwards and reach 107.08, where it may form a reversal candlestick pattern. The current situation implies that the market may test the above-mentioned level, the instrument may rebound towards 108.30 and continue the ascending tendency.

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, after testing the rising channel’s downside border one more time and forming a Hammer pattern, EURGBP is reversing. The upside target is at 0.9000. After that, the instrument may resume the ascending tendency. However, there might be another scenario according to which the instrument may continue falling without reversing and correcting. In this case, the downside target may be at 0.8864.