Japanese Candlesticks Analysis 31.03.2022 (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 Shooting Star reversal pattern close to the resistance area. At the moment, EURUSD is reversing in the form of a new descending impulse. In this case, the downside target may be at 1.1115. However, an alternative scenario implies that the price may grow to reach 1.1250 and continue the downtrend without any corrections towards the support level.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed a Harami pattern not far from the resistance level. At the moment, the asset may reverse and start a new descending impulse. In this case, the downside correctional target may be at 121.00. At the same time, an opposite scenario implies that the price may grow to reach 124.50 without testing the support area.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming a Hammer reversal pattern near the support area, EURGBP is reversing and may start another ascending wave. In this case, the upside target may be at 0.8545. Later, the market may test the resistance level, break it, and continue the ascending tendency. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.8475 first and then resume trading upwards.

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.