Japanese Candlesticks Analysis 08.04.2022 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset has formed an Inverted 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 1.0915. However, an alternative scenario implies that the price may fall to reach 1.0790 and continue the descending tendency without any corrections.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed a Shooting Star pattern not far from the resistance level. At the moment, the asset is reversing in the form of a new descending impulse. In this case, the downside correctional target may be at 123.15. At the same time, an opposite scenario implies that the price may grow to reach 125.50 and continue the uptrend without any pullbacks.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming a Doji reversal pattern near the support area, EURGBP is reversing and may start another ascending wave. In this case, the upside target may be at 0.8360. Later, the market may test the resistance level, rebound from it, and resume the descending tendency. Still, there might be an alternative scenario, according to which the asset may fall to reach 0.8275 and continue the downtrend without any corrections.