Japanese Candlesticks Analysis 24.09.2020 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the downtrend continues. By now, EURUSD has formed a Hammer reversal pattern close to the support level. Considering the current descending dynamics, the pair may reverse and form a slight correction, which may be followed by further decline. In this case, the downside target may be the next support level at 1.1570. At the same time, an alternative scenario implies that the instrument may continue growing to return to 1.1755.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, the pair is moving close to the resistance level. After forming several reversal patterns, including Harami, USDJPY is expected correct and then resume moving upwards. The upside target may be close to the resistance area at 106.20. Still, there is an opposite scenario, which says that the instrument may continue falling and reach the next support level at 104.88.

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, the rising tendency continues. After forming several reversal patterns, including Harami, close to the support level and reversing, EURGBP has rebounded from the channel’s downside border due to a strong rising impulse and may resume growing to reach the next resistance level at 0.9300. However, there might be another scenario, according to which the asset may fall and return to the support area at 0.9075.