Japanese Candlesticks Analysis 01.07.2019 (EURUSD, USDJPY)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, the ascending tendency continues. EURUSD has formed Engulfing reversal patterns close to the resistance line and started reversing. Right now, the pair is falling to reach 1.1275. However, one shouldn’t exclude a possibility that the price may update its high and test 1.1444.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the descending tendency continues. Today’s trading session was opened with a gap up and USDJPY formed Shooting Star pattern close to the resistance line. Right now, the pair is trying to reverse and continue the descending channel. Considering that the market doesn’t like gaps, it may be assumed that the gap will be eliminated in the nearest future and the price will continue trading downwards. The downside target is the closest support level at 107.63. However, we shouldn’t ignore a possibility that the instrument may update its highs and continue its growth to reach 108.60.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.