Japanese Candlesticks Analysis 08.04.2020 (EURUSD, USDJPY, EURGBP)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, EURUSD is no longer moving inside the rising channel. By now, the pair has formed a Hammer pattern not far from the support level. At the moment, the pair is starting to reverse. We may assume that later the price may correct towards 1.0770 and then resume the ascending tendency. At the same time, there is another scenario, which implies that the price may continue growing to reach 1.1030 without forming the correction towards 1.0770.
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 reversing after forming a Hammer pattern. Possibly, the price may reverse and grow to reach 110.10. The current situation implies that the instrument may yet resume falling towards 107.50 but this scenario is rather unlikely.
EURGBP, “Euro vs. Great Britain Pound”
As we can see in the H4 chart, the pair continues falling. After forming a Hammer pattern close to another support level and reversing, EURGBP has formed several Doji reversal patterns not far from the channel’s upside border. We may assume that later the market may rebound from this border. In this case, the downside target may be at 0.8650. However, one shouldn’t exclude an opposite scenario, which implies that the instrument may break the channel and continue growing with the target at 0.9000.