Japanese Candlesticks Analysis 17.08.2021 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset has formed several reversal patterns, including Harami, not far from the resistance level. At the moment, EURUSD may reverse and continue the correction. In this case, the downside target may be at 1.1740. Later, the market may rebound from the support area and resume trading upwards. However, an alternative scenario implies that the price may grow to reach 1.1830 without testing the support area.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed several reversal patterns, such as Hammer, not far from the support area. At the moment, USDJPY is reversing and may start a new pullback towards 109.65. At the same time, an opposite scenario implies that the price may continue falling towards 108.75 without reversing and correcting.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming several reversal patterns, for example, Doji and Hammer, near the support area, EURGBP is reversing in the form of a correctional impulse. In this case, the correctional target may be at 0.8545. Later, the market may rebound from the resistance level and resume its descending tendency. Still, there might be an alternative scenario, according to which the asset may continue falling towards 0.8460 without testing the resistance level.