Japanese Candlesticks Analysis 30.07.2021 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset is still testing the resistance area, where it has formed several reversal patterns, including Doji. At the moment, EURUSD may reverse and start a new decline. In this case, the downside target may be at 1.1820. Later, the market may break the support level and continue trading downwards. However, an alternative scenario implies that the price may grow to reach 1.1900 first and then resume its decline.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed several reversal patterns, such as Hammer, not far from the support area. At the moment, USDJPY is reversing and may start a new pullback towards the resistance level. In this case, the correctional target may be the channel’s upside border at 110.05. At the same time, an opposite scenario implies that the price may continue falling towards 109.00 without any corrections.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming several reversal patterns, for example, Hammer, near the support area, EURGBP may reverse and start a new pullback. In this case, the correctional target may be at 0.8555. Later, the market may rebound from the resistance level and resume its descending tendency. Still, there might be an alternative scenario, according to which the asset may continue falling towards 0.8495 without correcting towards the resistance level.