Japanese Candlesticks Analysis 22.03.2021 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the asset continues moving sideways. While testing the support area, the pair has formed several reversal patterns, including Inverted Hammer. At the moment, EURUSD may reverse and form a pullback towards the resistance area. In this case, the correctional target may be at 1.2000. However, an alternative scenario implies that the price may continue falling to reach 1.1785 without reversing and correcting.

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 108.20 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 resistance level. After forming several reversal patterns there, such as Harami, EURGBP may reverse and form a slight pullback. In this case, the downside target may be the support area at 0.8530. Still, there might be an alternative scenario, according to which the asset may return to the resistance level at 0.8615 without reversing and correcting.