Japanese Candlesticks Analysis 16.02.2024 (EURUSD, USDJPY, EURGBP)
EURUSD, “Euro vs US Dollar”
EURUSD has formed a Shooting Star reversal pattern near the resistance level on H4. Currently, the instrument is going by the reversal signal in a descending wave. The decline target might be the support at 1.0710. However, the price could correct to 1.0800 and extend the downtrend after the test of the resistance.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY has formed a Hammer reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target might be 151.00. However, the price might correct to 149.60 and extend the uptrend after the pullback to the support.
EURGBP, “Euro vs Great Britain Pound”
EURGBP has formed an Inverted Hammer reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The correction target might be 0.8575. Upon testing it and rebounding from the level, the price could continue the downtrend. However, the quotes might drop to 0.8530 without testing the resistance.
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.