Japanese Candlesticks Analysis 10.12.2021 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset has formed a Harami reversal pattern close to the resistance level. At the moment, after a slight pullback, EURUSD may reverse and resume falling. In this case, the downside target may be at 1.1195. However, an alternative scenario implies that the price may correct to reach 1.1350 before resuming its descending tendency.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed several reversal patterns, for example, Harami and Inverted Hammer. At the moment, USDJPY may reverse and start a new wave to the upside towards the resistance level. In this case, the upside target may be at 114.10. At the same time, an opposite scenario implies that the price may continue falling to reach 112.80 before resuming its growth towards the resistance level.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming a Hammer reversal pattern near the support level, EURGBP is reversing and may start another growth towards the next resistance area. In this case, the upside target may be at 0.8600. Later, the market may test the area, break it, and continue the ascending tendency. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.8510 before resuming its growth.