Japanese Candlesticks Analysis 29.07.2022 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, after forming a Hammer reversal pattern close to the support area, EURUSD may reverse in the form of another ascending impulse. In this case, the upside target may be at 1.0290. However, an alternative scenario implies that the price may fall to reach 1.0340 and continue the downtrend without testing the resistance level.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed an Engulfing reversal pattern not far from the resistance area. At the moment, the asset may reverse and form a new descending impulse. In this case, the downside target may be at 131.85. At the same time, the opposite scenario implies that the price may correct to reach 134.55 and continue the downtrend only the pullback.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming a Hammer reversal pattern near the support area, EURGBP is reversing in the form of a new rising impulse. In this case, the upside target may be the resistance level at 0.8410. Later, the market may test this level, rebound from it, and resume moving downwards. Still, there might be an alternative scenario, in which the asset may fall to reach 0.8320 without testing 0.8410.