Japanese Candlesticks Analysis 21.04.2022 (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 area. At the moment, EURUSD is reversing in the form of a new correctional impulse. In this case, the upside correctional target may be at 1.0895. However, an alternative scenario implies that the price may fall to reach 1.0765 and continue the descending tendency without any corrections towards the resistance level.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed an Engulfing 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 127.25. At the same time, an opposite scenario implies that the price may grow to reach 130.00 and continue the uptrend without any pullbacks.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming a Hammer reversal pattern near the support area, EURGBP is reversing and may start another ascending wave. In this case, the upside target may be at 0.8325. Later, the market may test the resistance level, rebound from it, and resume the descending impulse. Still, there might be an alternative scenario, according to which the asset may fall to reach 0.8260 and continue the downtrend without testing the resistance level.