Japanese Candlesticks Analysis 06.01.2021 (EURUSD, USDJPY, EURGBP)
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.
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.
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.