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

The Double Top reversal pattern has been formed on GBPJPY H1. Characteristics: the upper boundary 192.29; the lower boundary 190.84; the width of the pattern is 136 points. Sell trades are better to be opened below the lower boundary 190.84 with a possible movements towards the 190.44 level.

According to the chart of M5, GBPJPY formed the Bearish Symmetrical Triangle pattern. Trading recommendations: A breach of the lower border 190.87 is likely to encourage a continuation of the downward trend.

The technical pattern called Head and Shoulders has appeared on the chart of GBPJPY M15. There are weighty reasons to suggest that the price will surpass the Neckline 191.36/191.36 after the right shoulder has been formed. So, the trend is set to change with the price heading for 191.13.

According to the chart of M5, GBPJPY formed the Bullish Symmetrical Triangle pattern. Description: This is the pattern of a trend continuation. 192.05 and 190.91 are the coordinates of the upper and lower borders respectively. The pattern width is measured on the chart at 114 pips. Outlook: If the upper border 192.05 is broken, the price is likely to continue its move by 191.72.

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.