Japanese Candlesticks Analysis 05.07.2022 (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 Hammer reversal pattern close to the support area. At the moment, EURUSD may is reversing in the form of another ascending impulse. In this case, the upside target may be at 1.0490. However, an alternative scenario implies that the price may fall to reach 1.0355 and continue the downtrend without testing 1.0490.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed several reversal patterns not far from the support area, such as Hammer. At the moment, the asset may reverse in the form of a new ascending impulse. In this case, the upside target may be at 137.60. At the same time, an opposite scenario implies that the price may correct to reach 135.25 and continue the uptrend only after the pullback.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming several reversal patterns near the support area, such as an Inverted Hammer, EURGBP is reversing in the form of a new rising impulse. In this case, the upside target may be the resistance level at 0.8665. Later, the market may test this level, break it, and continue moving upwards. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.8590 first and then resume 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.