Japanese Candlesticks Analysis 28.03.2022 (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 area. At the moment, EURUSD is reversing in the form of a new descending impulse. In this case, the downside target may be at 1.0880. However, an alternative scenario implies that the price may correct to reach 1.1050 before resuming the downtrend.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed an Engulfing pattern not far from the support level. At the moment, the asset may reverse and start a new rising impulse. In this case, the upside target may be at 124.50. At the same time, an opposite scenario implies that the price may correct to reach 122.40 first and then resume the ascending tendency.

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 0.8375. 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 0.8310 first and then resume trading upwards.