Japanese Candlesticks Analysis 23.08.2019 (EURUSD, USDJPY)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, after completing Engulfing pattern, EURUSD has rebounded from the descending channel’s upside border. Right now, the pair is being corrected to the downside. After finishing the pullback, the price may fall towards 1.1026 to continue forming the descending channel. However, one shouldn’t exclude a possibility that the price may return to the resistance level and continue growing towards 1.1150.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after testing the channel’s downside border and forming several reversal patterns, including Hammer, close to the support level, USDJPY has rebounded from it. Right now, it is still trading sideways. Judging by the previous movements, it may be assumed that after finishing the correction the price may reach 108.00 to continue forming the descending channel. However, we shouldn’t ignore a possibility that the instrument may return to the support line at 105.15.
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.