Japanese Candlesticks Analysis 28.09.2020 (EURUSD, USDJPY, EURGBP)

28.09.2020

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the downtrend continues. By now, EURUSD has formed several reversal patterns, such as Inverted Hammer, close to the support level. Considering the current descending dynamics, the pair may reverse and form a slight correction, which may be followed by further decline. In this case, the downside target may be the next support level at 1.1560. At the same time, an alternative scenario implies that the instrument may continue growing to return to the descending сhannel’s upside border at 1.1730.

EURUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, the pair is still correcting within the uptrend. After forming several reversal patterns, including Harami, USDJPY is expected to correct towards the support level and then resume moving upwards. The upside target may be close to the resistance area at 106.20. Still, there is an opposite scenario, which says that the instrument may continue falling and reach the next support level at 104.85.

USDJPY
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, the correction within the rising tendency continues. After forming several reversal patterns, including Doji, close to the support level, EURGBP is expected to reverse and rebound from the support level due to a strong rising impulse. Later, the market may resume growing to reach the next resistance level at 0.9300. However, there might be another scenario, according to which the asset may fall and return to the support area at 0.9075.

EURGBP
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.