Japanese Candlesticks Analysis 06.05.2022 (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 Harami reversal pattern close to the resistance area during the pullback. At the moment, EURUSD is reversing in the form of a new descending impulse. In this case, the downside target may be at 1.0440. However, an alternative scenario implies that the price may correct to rebound from the resistance area at 1.0600 and then resume the descending tendency.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed a Hammer pattern not far from the support level. At the moment, the asset is reversing in the form of a new ascending impulse. In this case, the upside target may be at 132.20. At the same time, an opposite scenario implies that the price may correct to rebound from 129.50 and then resume the uptrend.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming a Long-Legged Doji pattern near the resistance area, EURGBP is reversing. In this case, the downside target may be the support level at 0.8485. Later, the market may test this level, rebound from it, and resume the ascending impulse. Still, there might be an alternative scenario, according to which the asset may grow to reach 0.8475 and continue the uptrend without testing the support level.

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.