Japanese Candlesticks Analysis 21.02.2022 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset has formed an Inverted Hammer reversal pattern close to the support level. At the moment, EURUSD is reversing and may form a new rising impulse. In this case, the upside target may be at 1.1510. However, an alternative scenario implies that the price may correct to reach 1.1295 first and then resume trading upwards.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed several reversal patterns, such as Hammer, not far from the support level. At the moment, USDJPY is reversing and may start a new growth towards the resistance area. In this case, the upside target may be at 115.90. At the same time, an opposite scenario implies that the price may correct to reach 114.70 before resuming its uptrend.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming several reversal patterns, for example, Hammer, near the support area, EURGBP is reversing and may start another growth towards the resistance level. In this case, the upside target may be at 0.8400. Later, the market may test the level, break it, and continue the ascending tendency. Still, there might be an alternative scenario, according to which the asset may fall to reach 0.8320 before resuming its growth.