Japanese Candlesticks Analysis 13.07.2022 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset has formed an Inverted Hammer reversal pattern close to the support area. At the moment, EURUSD may reverse in the form of another ascending impulse. In this case, the upside target may be at 1.0135. However, an alternative scenario implies that the price may fall to reach 1.0000 and continue the downtrend without testing 1.0135.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed a Hammer reversal pattern not far from the support area. At the moment, the asset may reverse and form a new ascending impulse. In this case, the upside target may be at 137.95. At the same time, an opposite scenario implies that the price may correct to reach 136.40 and continue the uptrend only after testing the support area.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after completing the correction and forming an Engulfing reversal pattern, EURGBP is reversing in the form of a new descending impulse. In this case, the downside target may be the support level at 0.8385. Later, the market may test this level, break it, and continue moving downwards. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.8464 first and then resume the descending tendency.