Japanese Candlesticks Analysis 22.08.2022 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, after forming an Inverted Hammer reversal pattern close to the support area, EURUSD may reverse in the form of a new ascending impulse. In this case, the upside target may be at 1.0070. However, an alternative scenario implies that the price may fall to break 0.9980 and continue the downtrend.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed a Hammer reversal pattern during the correction. At the moment, the asset may reverse and form another rising impulse. In this case, the upside target may be at 138.50. At the same time, the opposite scenario implies that the price may correct to reach 136.50 and continue the uptrend only after the pullback.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming a Shooting Star reversal pattern near the resistance area, EURGBP is reversing in the form of another bearish impulse. In this case, the downside target may be the support level at 0.8445. Later, the market may test this level, break it, and continue moving downwards. Still, there might be an alternative scenario, in which the asset may correct to reach 0.8520 first and then resume the descending tendency.