Japanese Candlesticks Analysis 16.09.2020 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, after completing another correction within the uptrend, EURUSD has formed an Engulfing pattern close to the rising channel’s downside border. After reversing, the pair may grow to reach the target at the next resistance level at 1.1950. At the same time, an alternative scenario implies that the instrument may continue falling to return to 1.1790.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, the pair is moving close to the support level. After forming several reversal patterns, including Hammer, USDJPY is expected to reverse and move upwards. The upside target may be close to the resistance area at 105.77. Still, there is an opposite scenario, which says that the instrument may continue falling and reach the next support level at 105.05.

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, after forming a Hanging Man pattern and reversing, the pair has formed several more reversal patterns, such as Doji, not far from the support level. Taking into account a strong rising impulse, the price may reverse and then rebound from the channel’s downside border. The upside target is the next resistance level at 0.9310.