Japanese Candlesticks Analysis 23.03.2022 (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 area. At the moment, EURUSD is reversing and may form a new ascending impulse. In this case, the upside target may be at 1.1110. However, an alternative scenario implies that the price may fall to reach 1.0935 and continue the downtrend without testing the resistance level.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed a Harami pattern not far from the resistance level. At the moment, the asset may reverse and start a new pullback towards the support area. In this case, the downside correctional target may be at 120.45. At the same time, an opposite scenario implies that the price may grow to reach 122.00 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 Hammer reversal pattern near the support area, EURGBP may reverse and may start another ascending wave. In this case, the upside target may be at 0.8360. Later, the market may test the resistance level, break it, and continue the ascending tendency. Still, there might be an alternative scenario, according to which the asset may fall to reach 0.8285 first and then resume trading upwards.