Japanese Candlesticks Analysis 08.02.2022 (EURUSD, USDJPY, EURGBP)

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset has formed a Hanging Man reversal pattern close to the resistance level. At the moment, EURUSD is reversing and may form a new correctional impulse. In this case, the downside target may be at 1.1370. However, an alternative scenario implies that the price may continue growing to reach 1.1530 without forming any corrections towards the support area.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed a Hammer reversal pattern during the pullback. At the moment, USDJPY is reversing and may start a new rising wave towards the resistance level. In this case, the upside target may be at 116.00. At the same time, an opposite scenario implies that the price may correct to reach 115.00 before resuming its uptrend.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming several reversal patterns, for example, Hanging Man, near the resistance level, EURGBP is reversing and may start another decline towards the support area. In this case, the downside target may be at 0.8425. Later, the market may test the area, rebound from it, and resume the ascending tendency. Still, there might be an alternative scenario, according to which the asset may grow to reach 0.8505 without testing the support area.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.