Japanese Candlesticks Analysis 07.09.2021 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset has formed several reversal patterns, including Shooting Star, not far from the resistance level. At the moment, EURUSD may reverse and start a new pullback. In this case, the correctional target may be at 1.1830. Later, the market may rebound from the support area and resume trading upwards. However, an alternative scenario implies that the price may continue growing to reach 1.1915 without correcting towards the support area.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed a Hammer pattern during the pullback. At the moment, USDJPY is reversing and may start a new growth towards 110.35. At the same time, an opposite scenario implies that the price may correct to reach 109.60 before resuming its ascending tendency.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming several reversal patterns, for example, Hanging Man, near the resistance area, EURGBP is reversing. In this case, the downside target may be at 0.8545. Later, the market may test the support level, break it, and continue the descending tendency. Still, there might be an alternative scenario, according to which the asset may correct towards 0.8610 before further decline.