Japanese Candlesticks Analysis 05.09.2019 (EURUSD, USDJPY)
As we can see in the H4 chart, after completing Hammer pattern, EURUSD has rebounded from the descending channel’s downside border. Right now, the pair is correcting and trying to reverse. After that, the price may continue growing towards 1.1095 and continue forming the descending channel. However, one shouldn’t exclude a possibility that the price may continue falling to reach 1.0935.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after testing the channel’s downside border and forming several reversal patterns, including Hammer, close to the support level, USDJPY has rebounded from it. Right now, it is still trading sideways. Judging by the previous movements, it may be assumed that after finishing the correction the price may fall to reach 104.80 to continue forming the descending channel. However, we shouldn’t ignore a possibility that the instrument may resume trading upwards to reach 108.00.
