Japanese Candlesticks Analysis 21.10.2020 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the uptrend continues. Right now, after forming an Inverted Hammer pattern close to the support area, EURUSD is reversing and may later resume growing to reach the target at the resistance level at 1.1895. At the same time, an alternative scenario says that the instrument may fall to return to 1.1735.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, the asset is still correcting within the uptrend. After falling to test the next support area at 105.05 and rebounding from it, USDJPY may resume the ascending tendency. In this case, the upside target is the resistance level at 106.45. Still, there is an opposite scenario, which says that the instrument may continue falling towards 104.26.

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, the correction within the descending tendency continues. After forming several reversal patterns, including Hanging Man, close to the resistance level, EURGBP has started reversing. The downside target is the next support level at 0.9060. However, according to an alternative scenario, the asset may continue trading upwards to reach 0.9180.