Japanese Candlesticks Analysis 21.04.2020 (EURUSD, USDJPY, EURGBP)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, EURUSD is forming a new rising channel. In the short-term, EURUSD is expected to form a Harami pattern not far from the support level. We may assume that later the price may rebound from the channel’s downside border and resume the ascending tendency. In this case, the upside target may be at 1.0985. At the same time, there is another scenario, which implies that the price may continue falling to reach 1.0787.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the pair continues trading close to the support level. At the moment, after reversing, USDJPY is correcting towards 107.05. The current situation implies that the price may form several reversal patterns not far from the support level and then resume growing to reach 109.00. However, the scenario according to which the instrument may yet break the horizontal level is possible but rather unlikely.
EURGBP, “Euro vs. Great Britain Pound”
As we can see in the H4 chart, after slowing down at the support level, the pair continues trading sideways and forming reversal patterns, such as Hammer and Doji. We may assume that later EURGBP may break the support level and get back inside the descending channel. In this case, the downside target may be at 0.8660. Still, one shouldn’t exclude an opposite scenario, which implies that the instrument may rebound from the support level and resume growing to reach the upside target at 0.8850.