Japanese Candlesticks Analysis 11.12.2019 (EURUSD, USDJPY)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, after completing a quick ascending structure and expanding the descending channel’s borders, EURUSD is still trading close to the resistance level; by now, the pair has reversed after forming Hanging Man pattern. We may assume that later the price may test the resistance level and get back to 1.1055 to resume the descending tendency. However, one shouldn’t exclude a possibility that the price may continue growing towards 1.1133.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the pair continues trading close to the rising channel’s downside border. By now, USDJPY has formed another Hammer reversal pattern. Later, after finishing one more correction, the pair may reverse and resume growing towards 109.60 to continue forming the ascending tendency. At the same time, the pair may choose another scenario and start a new decline to reach 108.54.