Japanese Candlesticks Analysis 20.09.2022 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, after forming a Shooting Star reversal pattern close to the resistance area, EURUSD may reverse in the form of a new descending impulse. In this case, the downside target may be at 0.9955. However, an alternative scenario implies that the price may correct to rebound from 1.0050 and resume the downtrend only after the pullback.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed another Hammer reversal pattern during the pullback. At the moment, the asset may reverse and form a new rising impulse. In this case, the upside target may be at 145.30. At the same time, the opposite scenario implies that the price may correct to reach 142.45 and continue the uptrend only after the pullback down to the support area.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming a Harami reversal pattern near the resistance area, EURGBP is reversing in the form of a new correctional impulse. In this case, the downside correctional target may be the support level at 0.8745. Later, the market may test this level, rebound from it, and resume moving upwards. Still, there might be an alternative scenario, in which the asset may grow to reach 0.8835 without any pullbacks.