Japanese Candlesticks Analysis 19.11.2021 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset has formed several reversal patterns, including Hammer and Inverted Hammer, close to the support level. At the moment, EURUSD may reverse and start a new ascending impulse. In this case, the upside correctional target may be at 1.1400. Later, the market may rebound from the resistance area and resume the descending tendency. However, an alternative scenario implies that the price may continue falling to reach 1.1260 without correcting towards the resistance area.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed several reversal patterns, for example, Harami, while testing the resistance area. At the moment, USDJPY may reverse and start a new wave to the downside towards the support level. In this case, the downside target may be at 113.95. At the same time, an opposite scenario implies that the price may grow to reach 115.50 without falling and reaching the support level.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming several reversal patterns, such as Hammer, near the support level, EURGBP is reversing and may start another growth towards the resistance area. In this case, the upside target may be at 0.8465. Later, the market may test the area, rebound from it, and resume the descending tendency. Still, there might be an alternative scenario, according to which the asset may continue falling to reach 0.8365 without correcting towards the resistance area.