Japanese Candlesticks Analysis 17.07.2020 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the ascending tendency continues. After forming a Harami pattern not far from the channel’s upside border, EURUSD is reversing. Considering the current bullish dynamics, the price may finish the correction and then resume trading upwards to reach the resistance level at 1.1500. At the same time, an alternative scenario implies that the instrument may continue falling to return to 1.1300.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after forming another Hammer pattern not far from the support area, USDJPY has started reversing. At the moment, the pair is still correcting. The current situation implies that after a slight correction the market may resume the ascending tendency towards the resistance level at 108.08. Still, there is an opposite scenario, which says that the instrument may fall and return to 106.67.

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, the pair is moving inside the rising channel again. By now, after finishing the correction, EURGBP has formed a Doji pattern. Later, the price may resume moving to reach its upside target at 0.9165. In the future, the instrument may continue trading upwards to update the highs. However, there might be another scenario, according to which the asset may fall and return to the support level at 0.8989.