Japanese Candlesticks Analysis 28.06.2021 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the correction continues. After testing the resistance area, the pair has formed several reversal patterns, including Engulfing. At the moment, EURUSD may reverse and start a new decline towards the support level. In this case, the downside target may be at 1.1835. However, an alternative scenario implies that the price may grow to reach 1.1970 before resuming the downtrend.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed several reversal patterns, such as Shooting Star, not far from the resistance area. At the moment, the asset continues falling after reversing and may reach the support level at 110.40. At the same time, an opposite scenario implies that the price may grow towards 111.25 without testing the support level.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming several reversal patterns, such as Harami, EURGBP may reverse and resume falling to reach the next support level. In this case, the downside target may be at 0.8550. Later, the market may break this level and continue the descending tendency. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.8610 before a further decline.