Japanese Candlesticks Analysis 11.02.2022 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset has formed one more Hanging Man reversal pattern close to the resistance level. At the moment, EURUSD is reversing and may form a new correctional impulse. In this case, the downside correctional target may be at 1.1360. However, an alternative scenario implies that the price may continue growing to reach 1.1530 without forming any corrections towards the support area.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed a Hanging Man reversal pattern not far from the resistance level. At the moment, USDJPY is reversing and may start a new pullback towards the support area. In this case, the downside target may be at 115.65. At the same time, an opposite scenario implies that the price may continue growing to reach 116.60 and continue its uptrend without any corrections.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, the asset is still correcting. After forming several reversal patterns, for example, Hanging Man, near the resistance level, EURGBP is reversing and may start another decline towards the support area. In this case, the downside target may be at 0.8390. Later, the market may test the area, rebound from it, and resume the ascending tendency. Still, there might be an alternative scenario, according to which the asset may continue growing to reach 0.8470 without testing the support area.