Japanese Candlesticks Analysis 18.06.2020 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, after completing the pullback close to the support level, EURUSD has formed a Doji pattern. Right now, the pair may start reversing. The downside target remains at 1.1155. At the same time, there is another scenario, which implies that the price may continue trading upwards without testing the support level at 1.1155.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after testing the support area again and forming a Hammer pattern, USDJPY is reversing. The current situation implies that the market may resume the ascending tendency towards 107.65. Still, there is an opposite scenario, which says that the instrument may break the support area and continue trading downwards to reach 106.45.

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, after testing the rising channel’s downside border one more time and forming a Harami pattern, EURGBP is still reversing. The upside target is at 0.9025. After that, the instrument may resume the ascending tendency and update its highs. However, there might be another scenario according to which the instrument may fall and return to 0.8920.