Japanese Candlesticks Analysis 13.04.2020 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, EURUSD is no longer moving inside the rising channel. By now, the pair has formed a Hammer pattern not far from the support level. At the moment, the pair is reversing. We may assume that later the price may correct and then resume the ascending tendency. At the same time, there is another scenario, which implies that the price may continue growing to reach 1.1030 without forming any corrections.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY is still falling; it is no longer moving inside the rising channel. Possibly, the price may continue trading downwards to reach the support level at 107.10. The current situation implies that the instrument may yet resume growing towards 110.10 but this scenario is rather unlikely.

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, the pair continues moving sideways. By now, after reaching another support level, it has formed a Hammer pattern. We may assume that later EURGBP may continue falling and return into the descending channel. In this case, the downside target may be at 0.8568. However, one shouldn’t exclude an opposite scenario, which implies that the instrument may rebound from the support level and resume growing with the target at 0.9000.