Japanese Candlesticks Analysis 04.03.2022 (EURUSD, USDJPY, EURGBP)

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 level. At the moment, EURUSD is reversing and may form a new correctional impulse. In this case, the upside target may be at 1.1100. However, an alternative scenario implies that the price may continue falling to reach 1.0980 without any corrections towards the resistance area.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, during the pullback, USDJPY has formed several reversal patterns, such as Hammer. At the moment, USDJPY is reversing and may start a new growth towards the resistance area. In this case, the upside target may be at 116.00. At the same time, an opposite scenario implies that the price may correct to reach 115.15 before resuming its uptrend.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming a Hammer reversal pattern near the support area, EURGBP is reversing and may start another correctional wave. In this case, the upside correctional target may be at 0.8300. Later, the market may test the resistance level, rebound from it, and resume the descending tendency. Still, there might be an alternative scenario, according to which the asset may fall to reach 0.8245 without any pullbacks.