Japanese Candlesticks Analysis 10.03.2022 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset has formed a Harami reversal pattern close to the resistance level. At the moment, EURUSD is reversing and may form a new correctional impulse. In this case, the downside correctional target may be at 1.0980. However, an alternative scenario implies that the price may continue growing to reach 1.1140 without any corrections towards the support area.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed a Shooting Star reversal pattern not far from the resistance level. At the moment, the asset is reversing and may start a new pullback towards the support area. In this case, the downside correctional target may be at 115.80. At the same time, an opposite scenario implies that the price may grow to reach 116.60 and continue the uptrend without any corrections towards the support area.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming a Hanging Man reversal pattern near the resistance area, EURGBP is reversing and may start another descending wave. In this case, the downside target may be at 0.8365. Later, the market may test the support level, break it, and continue the descending tendency. Still, there might be an alternative scenario, according to which the asset may grow to reach 0.8445 first and then resume trading downwards.