Japanese Candlesticks Analysis 11.10.2022 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, after forming a Harami reversal pattern close to the support area during the pullback, EURUSD may reverse in the form of a new correctional wave. In this case, the upside correctional target may be at 0.9735. However, an alternative scenario implies that the price may fall to break 0.9565 and continue the downtrend without any pullbacks up to the resistance level.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed a Hanging Man reversal pattern not far from the resistance level. At the moment, the asset is reversing in the form of a new correctional impulse. In this case, the downside correctional target may be at 145.25. At the same time, the opposite scenario implies that the price may grow to reach 146.75 and continue the uptrend without any pullbacks down to the support area.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming a Hammer reversal pattern, EURGBP is reversing in the form of a new ascending wave. In this case, the upside target may be the resistance level at 0.8890. Later, the market may test this level, break it, and then continue moving upwards. Still, there might be an alternative scenario, in which the asset may correct to reach 0.8735 first and then resume the ascending tendency.