Japanese Candlesticks Analysis 15.03.2023 (EURUSD, USDJPY, EURGBP)
EURUSD, “Euro vs US Dollar”
On H4, EURUSD has formed a reversal pattern of a Long-Legged Doji near the resistance level. At this stage, the signal from the reversal candlestick pattern may trigger a downward wave. The target for the pullback will be 1.0710. However, one should not exclude the variant with price growth to the level of 1.0790 and continuation of the upward trend without a support test.
USDJPY, “US Dollar vs Japanese Yen”
On H4, USDJPY has formed a Inverted Hammer pattern. At this stage, the signal from the reversal candlestick pattern is being worked out in an ascending wave. The target for growth may be the level of 135.90. However, we should not exclude the variant of market situation development with the price rollback to the level of 134.00 and uptrend continuation after support test.
EURGBP, “Euro vs Great Britain Pound”
On H4, EURGBP has formed a Inverted Hammer pattern. At this stage, the signal from the candlestick pattern has led to an upward wave. The resistance level of 0.8870 may be the target for the upside. Having tested it and broken through, the price has a chance to continue the upward trend. However, decrease of the price to the level of 0.8815 should not be excluded before the growth.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.