Japanese Candlesticks Analysis 18.05.2022 (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 support area. At the moment, EURUSD is reversing in the form of a new ascending impulse. In this case, the upside target may be at 1.0600. However, an alternative scenario implies that the price may continue falling to reach 1.0445 without any pullbacks towards the resistance level.

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 area. At the moment, the asset is reversing in the form of a new ascending impulse. In this case, the upside target may be at 130.50. At the same time, an opposite scenario implies that the price may correct to rebound from 128.55 and then resume the uptrend.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming a Harami pattern near the support area, EURGBP is reversing in the form of a new rising impulse. In this case, the upside target may be the resistance level at 0.8550. Later, the market may test this level, break it, and then continue the ascending tendency. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.8410 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.