Japanese Candlesticks Analysis 04.06.2021 (EURUSD, USDJPY, EURGBP)

04.06.2021

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 Harami. At the moment, EURUSD may reverse and start a new decline towards the support level. In this case, the downside target may be at 1.2061. However, an alternative scenario implies that the price may grow to reach 1.2175 without testing the support level.

EURUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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 may reverse and form another correctional impulse. In this case, the correctional target is the support level at 109.90. At the same time, an opposite scenario implies that the price may continue growing towards 110.55 without reversing and correcting.

USDJPY
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming several reversal patterns, such as Hammer and Inverted Hammer, close to the support area, EURGBP may reverse and grow to reach the resistance level. In this case, the upside target may be at 0.8630. Later, the market may rebound from this level and resume falling. Still, there might be an alternative scenario, according to which the asset may fall to reach 0.8565 without reversing and correcting.

EURGBP
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.