Japanese Candlesticks Analysis 08.10.2021 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset has formed several reversal patterns, including Hammer and Doji, not far from the support level. At the moment, EURUSD may reverse and start a new pullback. In this case, the correctional target may be at 1.1595. Later, the market may rebound from the resistance area and resume trading downwards. However, an alternative scenario implies that the price may fall to reach 1.1505 without any corrections.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed several reversal patterns, for example, Inverted Hammer, close to the support area. At the moment, USDJPY is reversing and may start a new rising impulse. In this case, the upside target may be at 112.25. At the same time, an opposite scenario implies that the price may correct towards 111.50 first and then resume trading upwards.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming several reversal patterns, such as Hammer, near the support level, EURGBP may reverse in the form of a new growth. In this case, the upside target may be at 0.8531. Later, the market may test the resistance area, break it, and continue the ascending tendency. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.8460 before resuming its growth.