Japanese Candlesticks Analysis 29.04.2020 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, after testing the support level, EURUSD has formed a Hammer reversal pattern not far from the channel’s downside border. We may assume that later the price may continue the ascending tendency. In this case, the upside target may be at 1.0937. At the same time, there is another scenario, which implies that the price may continue falling to reach 1.0756.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after breaking the support level and leaving the horizontal channel, USDJPY has formed a Harami pattern. However, the reversal signal seems to be false and the pair is still moving downwards. The current market situation implies that the price may continue falling in the nearest future. in this case, the downside may be 105.77, while the upside one is at 107.90.

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, after returning to the support level, EURGBP continues forming reversal patterns, such as Hammer and Inverted Hammer. We may assume that later the pair may rebound from the support level once again. In this case, the upside target may be at 0.8850. Still, one shouldn’t exclude an opposite scenario, which implies that the instrument may break the support level and resume falling to reach the downside target at 0.8650.