Japanese Candlesticks Analysis 14.10.2022 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, after forming a Shooting Star reversal pattern close to the resistance area during the pullback, EURUSD may reverse in the form of a new descending wave. In this case, the downside target may be at 0.9595. However, an alternative scenario implies that the price may correct to rebound from 0.9855 and continue the downtrend only after the pullback 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 146.85. At the same time, the opposite scenario implies that the price may grow to reach 148.55 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 an Inverted 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 0.8790. 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 0.8580 first and then resume the ascending tendency.