Japanese Candlesticks Analysis 01.06.2021 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the uptrend continues. After testing the support area, the pair has formed several reversal patterns, including Doji and Engulfing. At the moment, EURUSD may reverse and start a new growth towards the resistance level. In this case, the upside target may be at 1.2295. However, an alternative scenario implies that the price may correct to reach 1.2180 first and then resume growing.

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, the asset is reversing and may soon resume its growth. In this case, the upside target is the resistance level at 110.35. At the same time, an opposite scenario implies that the price may start a new pullback towards 109.15 before resuming its ascending tendency.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming several reversal patterns, such as Inverted Hammer, close to the support area, EURGBP may reverse and fall to reach the resistance level. In this case, the upside target may be at 0.8630. Later, the market may rebound from this level and resume falling. Still, there might be an alternative scenario, according to which the asset may fall to reach 0.8570 without reversing and correcting.