Japanese Candlesticks Analysis 05.04.2022 (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 in the form of a new ascending impulse. In this case, the upside target may be at 1.1050. However, an alternative scenario implies that the price may correct to reach 1.0925 first and then resume trading upwards.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed a Hammer pattern not far from the support level. At the moment, the asset may reverse and start a new ascending impulse. In this case, the upside target may be at 125.00. At the same time, an opposite scenario implies that the price may correct to reach 121.50 before resuming the uptrend.

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 is reversing and may start another ascending wave. In this case, the upside target may be at 0.8410. 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 correct to reach 0.8325 first and then resume moving to the upside.