Japanese Cloud Analysis 07.12.2022 (EURUSD, USDJOY, EURGBP)
EURUSD, “Euro vs US Dollar”
On H4, at the resistance level the currency pair has formed a Hanging Man reversal pattern. The pair is now going by the signal in a correctional wave. The goal of the pullback might be 1.0380. However, the price may grow to 1.0640, break through it, and continue the uptrend without any correction to the support level.
USDJPY, “US Dollar vs Japanese Yen”
On H4, at the support level, the pair has formed an Engulfing reversal pattern. Currently, the pair may go by the signal in an ascending wave. The goal of the correction might be 139.15. However, the price may fall to 134.50 and continue the downtrend without any correction to the resistance level.
EURGBP, “Euro vs Great Britain Pound”
On H4, the pair has formed a Hammer reversal pattern. Currently, the pair is going by the pattern in an ascending wave. The goal of the growth may be the resistance level of 0.8660. Upon testing it and bouncing off, the pair might get the chance for continuing the downtrend. However, the quotes may drop to 0.8570 without testing the resistance level.
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.