Japanese Candlesticks Analysis 04.07.2019 (EURUSD, USDJPY)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the ascending tendency continues. EURUSD is trading sideways at the support level and has already formed several reversal patterns, including Long-Legged Doji, which indicate a strong reversal signal. The possible upside target may the channel’s upside border at 1.1444. However, one shouldn’t exclude a possibility that the price may break the support level and continue falling towards 1.1187.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, the descending tendency continues. Earlier this week, there was a gap, which the price later eliminated and started to reverse. Right now, the pair is being slightly corrected after finishing the decline; judging by the previous movements, we may assume that after completing the pullback the price may continue trading downwards to reach 107.10. However, we shouldn’t ignore a possibility that the instrument may update its highs and continue its growth to reach 108.60.