Japanese Candlesticks Analysis 14.07.2021 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset is correcting within the downtrend. After testing the resistance area, the pair has formed several reversal patterns, including Harami. At the moment, EURUSD may reverse and resume trading downwards. In this case, the downside target may be at 1.1717. However, an alternative scenario implies that the price may correct to reach 1.1880 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, USDJPY may reverse and start a new pullback to the downside. In this case, the correctional target may be the support level at 110.25. At the same time, an opposite scenario implies that the price may continue growing towards 111.00 without correcting towards the support level.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming several reversal patterns, such as Hammer, near the support area, EURGBP may reverse and start a new pullback to the upside. In this case, the correctional target may be at 0.8555. Later, the market may rebound from this level and resume the descending tendency. Still, there might be an alternative scenario, according to which the asset may continue falling towards 0.8495 without any corrections.