Japanese Candlesticks Analysis 31.05.2022 (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 Doji reversal pattern close to the support area. At the moment, EURUSD may reverse in the form of a new ascending impulse. In this case, the upside target may be at 1.0850. However, an alternative scenario implies that the price may fall to reach 1.0710 first and then resume the uptrend.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed a Shooting Star pattern not far from the resistance area. At the moment, the asset is reversing in the form of a new descending impulse. In this case, the downside target may be at 127.00. At the same time, an opposite scenario implies that the price may correct to reach 128.10 before resuming the descending tendency.

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 ascending impulse. In this case, the upside target may be the resistance level at 0.8590. Later, the market may test this level, break it, and continue the ascending tendency. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.8485 before resuming the uptrend.

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.