Japanese Candlesticks Analysis 29.10.2020 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the correction within the uptrend continues. Right now, after forming several reversal patterns, such as Hammer, close to the support area, EURUSD is still reversing and may later resume growing to reach the upside target at the resistance level at 1.1900. At the same time, an alternative scenario says that the instrument may fall to reach 1.1695 without correcting towards the above-mentioned resistance level.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after forming several reversal patterns, such as Inverted Hammer and Engulfing, close to the support area, USDJPY is reversing. In the future, the price may test the resistance area at 105.05, break this level, and then continue the ascending tendency. In this case, the upside target is still the next resistance level at 106.45. Still, there is an opposite scenario, which says that the instrument may continue falling towards 104.00 before resuming its growth.

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, the descending tendency continues. In the nearest future, EURGBP may break the horizontal support level and continue falling. In this case, the downside target will be the support area at 0.8975. However, judging by previous movements, the asset may yet rebound from the above-mentioned area once again and resume trading upwards. If it happens, the upside target will be the channel’s upside border at 0.9095.