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rfxsignals January 6, 2021 No Comments

Japanese Candlesticks Analysis 06.01.2021 (EURUSD, USDJPY, EURGBP)

06.01.2021

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the ascending tendency continues. Right now, after forming several reversal patterns, such as Doji, close to the support level, EURUSD may reverse in the form of another rising impulse. The upside target may be at 1.2370. After that, the pair may continue trading upwards. However, an alternative scenario implies that the price may start a new decline towards 1.2265 before resuming the uptrend.

EURUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after testing the horizontal support level and forming a Harami pattern, USDJPY is reversing. The correctional target remains close to the descending channel’s upside border at 103.30. After finishing the correction, the asset may continue trading downwards to reach the support area at 102.25.

USDJPY
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, after forming several reversal patterns, such as Hammer, not far from the support level, EURGBP is reversing and correcting. In this case, the upside target may be at 0.9090. However, judging by previous movements, the pair may yet start another decline to reach 0.8930 without testing the resistance level.

EURGBP
Risk Warning: the result of previous trading operations do not guarantee the same results in the future