FX.co ★ Patterns GBPJPY | British Pound (GBP) to Japanese Yen (JPY) Rate in the Forex market

The technical pattern called Head and Shoulders has appeared on the chart of GBPJPY M5. There are weighty reasons to suggest that the price will surpass the Neckline 191.44/191.36 after the right shoulder has been formed. So, the trend is set to change with the price heading for 191.21.

The Bearish pennant pattern has formed on the GBPJPY M5 chart. The pattern signals continuation of the downtrend in case the pennant’s low of 188.16 is broken through. Recommendations: Place the sell stop pending order 10 pips below the pattern’s low. Place the take profit order at the projection distance of the flagpole height.

The Double Bottom pattern has been formed on GBPJPY M5. This formation signals a reversal of the trend from downwards to upwards. The signal is that a buy trade should be opened after the upper boundary of the pattern 189.04 is broken. The further movements will rely on the width of the current pattern 32 points.

On the chart of GBPJPY M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 189.67; the lower boundary 189.49; the width of the pattern 18 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 189.34 level.

According to the chart of M5, GBPJPY formed the Bearish Rectangle which is a pattern of a trend continuation. The pattern is contained within the following borders: lower border 190.52 – 190.52 and upper border 191.01 – 191.01. In case the lower border is broken, the instrument is likely to follow the downward trend.

The Double Top pattern has been formed on GBPJPY M30. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 188.80 is broken, the downward movement will continue.

The Double Bottom pattern has been formed on GBPJPY M5. Characteristics: the support level 188.84; the resistance level 189.35; the width of the pattern 51 points. If the resistance level is broken, a change in the trend can be predicted with the first target point lying at the distance of 55 points.

The Double Bottom pattern has been formed on GBPJPY M5; the upper boundary is 188.87; the lower boundary is 188.60. The width of the pattern is 29 points. In case of a break of the upper boundary 188.87, a change in the trend can be predicted where the width of the pattern will coincide with the distance to a possible take profit level.

The Double Top reversal pattern has been formed on GBPJPY M5. Characteristics: the upper boundary 189.55; the lower boundary 189.01; the width of the pattern is 56 points. Sell trades are better to be opened below the lower boundary 189.01 with a possible movements towards the 188.86 level.

According to the chart of M15, GBPJPY formed the Bearish Rectangle. The pattern indicates a trend continuation. The upper border is 189.18, the lower border is 188.54. The signal means that a short position should be opened after fixing a price below the lower border 188.54 of the Bearish Rectangle.