Japanese Candlesticks Analysis 15.03.2022 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset has formed a Hammer reversal pattern close to the support level. At the moment, EURUSD is reversing and may form a new correctional impulse. In this case, the upside correctional target may be at 1.1100. However, an alternative scenario implies that the price may continue falling to reach 1.0860 without any corrections towards the resistance area.

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 and may start a new pullback towards the support area. In this case, the downside correctional target may be at 117.95. At the same time, an opposite scenario implies that the price may grow to reach 119.35 and continue the uptrend without any corrections towards the support area.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming a Harami reversal pattern near the resistance area, EURGBP is reversing and may start another descending wave. In this case, the downside target may be at 0.8380. Later, the market may test the support level, rebound from it, and resume the ascending tendency. Still, there might be an alternative scenario, according to which the asset may grow to reach 0.8475 without any corrections.