FX.co ★ Actual patterns. Technical analysis and trading recommendations

The Triple Top pattern has formed on the chart of the USDJPY M15 trading instrument. It is a reversal pattern featuring the following characteristics: resistance level -1, support level -19, and pattern’s width 24. Forecast If the price breaks through the support level 160.11, it is likely to move further down to 160.18.

The Triple Top pattern has formed on the chart of the USDJPY M30 trading instrument. It is a reversal pattern featuring the following characteristics: resistance level -5, support level -14, and pattern’s width 24. Forecast If the price breaks through the support level 160.11, it is likely to move further down to 160.07.

The Triple Top pattern has formed on the chart of the USDJPY M5. Features of the pattern: borders have an ascending angle; the lower line of the pattern has the coordinates 160.28/160.31 with the upper limit 160.36/160.37; the projection of the width is 8 points. The formation of the Triple Top figure most likely indicates a change in the trend from upward to downward. This means that in the event of a breakdown of the support level of 160.28, the price is most likely to continue the downward movement.

According to the chart of M5, USDJPY formed the Bullish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 160.31 and support 160.24. In case the resistance level 160.31 - 160.31 is broken, the instrument is likely to follow the bullish trend.

On the chart of the USDJPY H1 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 159.39, where we advise to open a trading position for sale. Take profit is the projection of the pattern’s width, which is 62 points.