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

According to the chart of M5, GBPJPY formed the Bullish Rectangle which is a pattern of a trend continuation. The pattern is contained within the following borders: the lower border 198.84 – 198.84 and upper border 199.05 – 199.05. In case the upper border is broken, the instrument is likely to follow the upward trend.

The Double Top pattern has been formed on GBPJPY M5. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 198.86 is broken, the downward movement will continue.

The Double Top reversal pattern has been formed on GBPJPY M15. Characteristics: the upper boundary 199.02; the lower boundary 198.10; the width of the pattern is 95 points. Sell trades are better to be opened below the lower boundary 198.10 with a possible movements towards the 197.88 level.

The Double Top reversal pattern has been formed on GBPJPY D1. Characteristics: the upper boundary 199.80; the lower boundary 198.07; the width of the pattern is 187 points. Sell trades are better to be opened below the lower boundary 198.07 with a possible movements towards the 197.67 level.

On the chart of GBPJPY D1 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 199.94; the lower boundary 198.07; the width of the pattern 187 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 197.67 level.

On the chart of the GBPJPY M5 trading instrument, the Triple Top pattern that signals a trend change has formed. It is possible that after formation of the third peak, the price will try to break through the resistance level 197.02, where we advise to open a trading position for sale. Take profit is the projection of the pattern’s width, which is 17 points.

The Double Bottom pattern has been formed on GBPJPY M5. Characteristics: the support level 196.96; the resistance level 197.12; the width of the pattern 16 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 17 points.

The Double Bottom pattern has been formed on GBPJPY M5. Characteristics: the support level 197.78; the resistance level 197.87; the width of the pattern 9 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 10 points.

The Triple Bottom pattern has formed on the chart of the GBPJPY M5 trading instrument. The pattern signals a change in the trend from downwards to upwards in the case of breakdown of 197.93/197.88.

According to the chart of M5, GBPJPY formed the Bearish Symmetrical Triangle pattern. Trading recommendations: A breach of the lower border 195.64 is likely to encourage a continuation of the downward trend.