Japanese Candlesticks Analysis 31.03.2020 (EURUSD, USDJPY, EURGBP)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, after returning to the rising channel’s downside border, EURUSD has formed a Harami reversal pattern there. At the moment, the pair is reversing. We may assume that later the price may correct to reach 1.0930 and then resume the ascending tendency. In this case, the upside target may be at 1.1320.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is still recovering after the fall. Right now, the pair is testing the support level, where it has formed several reversal patterns, such as Harami and Hammer. Possibly, the price may reverse and reach 110.80. The current situation implies that the instrument may yet resume falling towards 105.72 but this scenario is rather unlikely.
EURGBP, “Euro vs. Great Britain Pound”
As we can see in the H4 chart, after reaching the support level, EURGBP has formed a Hammer reversal pattern there. At the moment, the pair started reversing. We may assume that later the market may rebound towards 0.9300 and continue the descending tendency. However, one shouldn’t exclude an opposite scenario, which implies that the instrument may continue falling towards 0.9030 without any pullbacks. In this case, the target may be at 0.8745.