Japanese Candlesticks Analysis 23.05.2022 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset has formed a Harami reversal pattern close to the support area. At the moment, EURUSD is reversing in the form of a new ascending impulse. In this case, the upside target may be at 1.0675. However, an alternative scenario implies that the price may continue falling to reach 1.0505 without any pullbacks towards the resistance level.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed a Hammer pattern not far from the support area. At the moment, the asset is reversing in the form of a new rising impulse. In this case, the upside target may be at 128.55. At the same time, an opposite scenario implies that the price may fall to reach 126.80 and continue the downtrend without any corrections towards the resistance level.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming a Harami pattern near the resistance area, EURGBP is reversing in the form of a new descending impulse. In this case, the downside correctional target may be the support level at 0.8410. Later, the market may test this level, rebound from it, and then resume the ascending tendency. Still, there might be an alternative scenario, according to which the asset may grow to reach 0.8545 without testing the support level.