Japanese Candlesticks Analysis 17.03.2021 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the asset continues moving not far from the descending channel’s upside border. While testing the resistance area, the pair has formed several reversal patterns, including Harami. At the moment, EURUSD may reverse and resume falling towards the support area. In this case, the downside target may be at 1.1815. However, an alternative scenario implies that the price may correct to reach 1.2000 before resuming its decline.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY has formed several reversal patterns, such as Harami, while testing the support level. Judging by the previous movements, one may assume that the asset may reverse and resume moving upwards. In this case, the upside target is the resistance area at 110.00. At the same time, an opposite scenario implies that the price may fall to return to 108.25 before resuming the ascending tendency.

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, the asset continues trading close to the support level. After forming several reversal patterns there, such as Harami, Hammer, and Inverted Hammer, EURGBP may reverse and form a slight pullback. In this case, the upside target may be the resistance area at 0.8630. Still, there might be an alternative scenario, according to which the asset may break the support level and continue falling without reversing and correcting. In this case, the downside target may be the next support level at 0.8530.